Filing back taxes can be a pain-in-the-neck and very stressful. Canadians are taxed on worldwide income making it rather easy to get behind on filing taxes. Going to a tax firm can get you the help you need to file your back taxes. A tax firm is a team of tax professionals that provide non-traditional tax resolution services in order to assist people and organizations to help solve their tax problems. They help individuals and business owners with a combination of expert accountants, expert Canada Revenue Agency (CRA) tax agents and lawyers to resolve tax issues.
Some of the tax problems one might encounter include tax evasion, late tax filing, worrisome under-reported income, tax audit notice, unfair tax assessment and serious legal collection problems. Tax evasion is the illegal evasion of taxes, including taxpayers deliberately altering the truth. Late tax filing includes filing taxes after the deadline and often entails a penalty fee. Under-reported income is another instance of a taxpayer committing tax fraud by being untruthful. A tax audit notice is a note from the CRA wanting more information to prove everything was done correctly and to search for possible mistakes. Every year the CRA performs audits on random taxpayers. An unfair tax assessment would include receiving unfavourable tax rulings. Serious legal collection problems can include tax fraud (misrepresenting the truth). If you have spent any time researching tax relief information online you may have found the great wealth of tax information available at Tax911now.ca.
When filing back taxes, tax firms will guide the taxpayer, formulating a strategy to pay the balance due after determining if any reduction in the amount or extensions in time may be warranted. If one cannot afford to pay their tax debts the CRA may be willing to negotiate a settlement known as taxpayer relief. Factors that contribute to qualifying for taxpayer relief include uncontrollable financial, physical, or mental hardship or third party mistakes. Failure to pay taxes is considered illegal in Canada and is subject to criminal and civil penalties (jail or fines). Filing taxes includes personal income taxes and business income taxes. If there is unpaid tax debt, the CRA can take certain legal actions, such as, wage garnishment and freezing bank accounts.
The professional tax team at Tax911now.ca helps solve urgent tax issues, especially filing back taxes. They offer tax relief and services with their expert knowledge of CRA policies and procedures and they offer tax relief information online. They efficiently assist taxpayers in resolving difficult CRA tax issues. The first step is taking action, instead of waiting until legal actions are taken by the CRA. Hiring tax experts is very beneficial and less frustrating than attempting to solve the issues alone without the benefit of expert knowledge and experience.
Financial writer Doug Mathly enjoys helping to educate Canadians on how to effectively manage their finances. One topic that arises time and again is that of people needing help with income tax troubles. Doug is aware of how intimidating tax issues can be and he doesn’t hesitate to direct people to find tax relief information online at Tax911now.ca.