Questions About 1099

It was in 2002 that I started my dream job. I finally had the chance to get up and go to work at a job that meant something to me and made me feel like I was doing some good after years of putting time at a job that was mediocre but not I had planned for my life. PreferredTaxRelief

The fabulous opportunity would mean changing my tax filing status from being an employee who receives a W-2 to becoming an independent contractor and receiving a 1099. I had never been responsible for saving part of my income when it comes to making quarterly tax payments to the IRS. 

I started the new job as an independent contractor, enjoying my new responsibilities – and also enjoying the “extra income. But this wasn’t really extra income. It was simply the portion of my pay that had not yet been taxed and, since I did not have an employer withholding taxes for me, it was up to me to pay. 

Don’t get me wrong, I’m not the type of person who would scam the IRS or spend money that does not belong to me. In fact, I have always been a meticulous record-keeper. 

I had every intention of meeting my tax obligations, but there was always something that came up that was more important than setting aside the money for quarterly tax payments. I told my self, that saving money for the tax payment would begin next week each time. But “next week” turned into “next month,” or the following month, and I still had not reserved the needed cash. 

It was past five years that I had paid my taxes.  Not hearing a peep from the IRS quite a surprised me. I had assumed that they would have been beating a path to my door to make me live up to my obligations if something was truly wrong. 

When I decided to put my financial affairs in order, I learned that I was so far in debt to the government that I saw no possible mean to recover. The penalties and interest had been accruing, along with the late taxes, and the dollar amount that I owed was astronomical. 

Then I tried to spend quite a bit of time going through my records and filing my late tax returns, hoping to resolve the problem by myself. But this is just too much for me to deal with. 

What would be left for me?  Would I have to sell my house and vehicles in order to pay this off? What if I had a really good month and made a lot of sales? Would the IRS come and grab that money and leave me with nothing to really get ahead with? Tax Relief

My wife and I began surfing the Internet to learn as much as we could about the processes and procedures when the IRS goes after debtors. Wanting to be prepared but it was just too overwhelming with so many web sites out there. We weren’t sure which ones were legitimate and which ones might be steering us wrong in order to make a buck off of our misfortune. 

We chose several businesses that we found on the web and started making phone calls to get an idea of what we might do next. All we received was just a strange vibe from the first few places we called. We did not even feel comfortable with them at all. Finally with Preferred Tax Relief, the third place we called, made us feel totally at ease. 

It was the start of our relationship with Preferred Tax Relief. We don’t know what we would have done without them, these tax professionals made such a difference in our lives. They responded to our queries promptly, courteously, and honestly. 

They came through us and we handed everything to Preferred Tax Relief. They negotiated a monthly installment program that fit into our budget with no problems and they were able to get the tax levy lifted. 

If you are encountering a similar situation, I strongly suggest Preferred Tax Relief. While the penalties and interest continue to grow, whatever you do, do not wait for another day. Without seeing your paycheck or bank account being garnished, give Preferred Tax Relief a call for you to be on your way toward fulfilling our obligations to the Internal Revenue Service. Tax Relief Advice

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