ORP, OR LLC
Your New Year’s Financial Resolution How to Dodge the Pitfalls of Estimated Taxes underpayment penalty, which affects people and businesses who pay late or don’t pay enough through estimated payments or withholding, can be up to 25% of the underpaid amount. These fines can devastate your business and personal earning potential, so it’s vital that you’re on top of your estimated payments.
WIN OF THE MONTH Playing The Long Game! CASE SNAPSHOT Client: Plumbing and HVAC Contractor Tax Year in Question: 2014-2021 Payroll Taxes and Business Income Taxes IRS Claimed Liability: $5,373,640.97 Savings: Just under $4,000,000.00 (in 10 years) This client came to us with Payroll Tax and Business Tax issues. They had issues in all of the past eight years that had racked up a huge debt with the IRS. They had a tax liability of over $5 million for payments due going back all the way to 2014. After analyzing the client’s finances and debts, we were able to establish a Partial Payment Installment Agreement (or PPIA) for $12,000.00 a month with the Revenue Officer. The PPIA program is a monthly payment plan option for taxpayers that have a liability that they are unable to pay off in the time period that the IRS has to collect. Twelve thousand dollars a month may sound like a lot; however, once they have paid for 10 years and the Collection Statute Expiration Dates pass, the client will end up with a savings of just under $4 million! On an over $5 million liability, the client will end up paying just $1.4 million over 10 years! We were able to use a PPIA to get the best outcome for our client!
There are several ways to avoid underpayment:
• Adjust your withholdings on your paycheck; increasing this amount will help you stay ahead of your estimated tax payments.
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Pay monthly rather than quarterly to decrease the payment amount.
However, working with tax experts is the best way to ensure your payments are up-to-date and accurate. At IRS Trouble Solvers, we have the expertise and experience (30 years, to be exact) to save our clients millions of tax dollars. Our specialists
understand personal, business, federal, and state taxes. Don’t wade into the murky waters of tax liability alone; call us and let us help you.
INGREDIENTS
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2 lbs salmon fillets
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1 tsp dried oregano
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4 cloves garlic, minced
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1 tsp dried thyme
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Juice of 2 lemons
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Salt and pepper, to taste
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2 tbsp olive oil
DIRECTIONS
1. Preheat oven to 375 F.
2. Line a baking dish with parchment paper. Place the salmon fillets on the baking dish.
3. In a small bowl, mix together the garlic, lemon juice, olive oil, oregano, thyme, salt, and pepper. Pour the mixture over the salmon.
4. Bake for 15-20 minutes or until the salmon is cooked through. Serve and enjoy!
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