Many Pennsylvania businesses owners and individuals like the control and confidentiality that comes from preparing and filing their own taxes. However, this approach is often at best time-consuming. One of the largest pitfalls involves tax deductions and credits. In extreme cases, you could potentially file a faulty return that leads to fines, audits and even legal battles with the IRS.
Are you one of those people who think that estate planning is just for the rich and famous? The reality is, estate planning is for everyone and it does not matter the size of your estate or income. It is important to make sure you create documents like wills, trusts and powers of attorney. When proper planning is in place, you make sure you don’t leave any confusion for your loved ones about your final wishes.
Even if you are not caught up on your Pennsylvania taxes or other bills, it could be advantageous to work with the Internal Revenue Service to manage your federal tax liabilities. One way you might be able to do this is to submit an application for a formal offer in compromise. However, like any dealings you might have with the IRS, it is often important to consider the details of your case over more general guidelines.