Stories from the team

Tax Resolution: Your Guide to Solving Tax Issues

At a glance * Tax resolution helps you address complex tax obligations and IRS issues. * Options include payment plans, offers in compromise, and penalty abatement. * Professional tax resolution services can provide expert guidance and representation. * Ignoring tax issues can lead to serious consequences, including wage garnishment and property liens. What is tax resolution? Tax resolution refers to the process of solving tax-related problems with the Internal Revenue Service (IRS) or s

Gig Workers' Guide to Tax Underpayment and How to Avoid Penalties

⚠️ Alert to all Gig Workers Tax Underpayment and How to Avoid Penalties IRS penalties have surged from 3% in 2021 to 8% in 2023 THE BIG PICTURE If you're a gig worker or independent contractor, penalty rates that nearly tripled in two years make tax compliance more crucial than ever for protecting your income. BY THE NUMBERS * $1.8 billion: IRS underpayment penalties collected in 2022 * 12.2 million: Americans hit with penalties * 8%: Current penalty rate (up from 3% in 2021) * $60

Compound Interest 101: The Pizza That Ate Your Wallet

Compound Interest 101: The Pizza That Ate Your Wallet Ever wonder why financial experts constantly stress dealing with debt immediately? Let's explain it with something more appetizing than numbers: pizza. If a tax bill stresses you out, just know that relief starts here. Keep reading. The Magic (or Menace) of Multiplication Imagine you have a peculiar pizza that grows larger every single day. You start with a standard 12-inch pie. But there's a catch—each day, it expands by 1% of its curren

Back Taxes: What They Are and How to Resolve Them

Everything you need to know about back taxes What They Are and How to Resolve Them At a glance: Back taxes are unpaid taxes from previous years, whether you filed and missed a payment or didn't file at all. Ignoring back taxes can lead to hefty fines and more serious issues. * The IRS offers programs like Fresh Start for taxpayers struggling with back taxes. * Professional tax resolution services can provide expert guidance and representation. * Addressing taxes promptly is crucial to m

Master Your 1099 Taxes: Self-Employed Withholding Guide (2024) 5 Essential Tax Tips for the Self-Employed

Master Your 1099s: Self-Employed Withholding Guide(2024) 5 Essential Tax Tips for the Self-Employed Being self-employed can make managing your taxes pretty confusing and stressful, especially if you're dealing with back taxes or debt. However, by following a few key best practices, you can stay on top of your tax obligations and avoid unnecessary mishaps (like an unwelcomed collection notice.) Here are five essential tax tips every self-employed person should know.1. Keep Accurate Records  Ma

Beyond Tax Relief: How We Protect Your Financial Future

Beyond Tax Relief: How Turnout Protects Your Financial FutureHere's the truth about that tax bill—getting rid of it is just the beginning. That tax notice sitting on your desk right now? It's not just about the money you owe today. It's a wake-up call about your financial future. And while other companies might slap a band-aid on your tax wound and call it a day, we're here to make sure it never happens again. More Than Just a Band-Aid Solution Picture this: You've got a tax notice sitting on

Stop Wage Garnishment: 4 Steps to Protect Your Paycheck

4 Steps to Protect Your Paycheck from Tax Debt Find out how Turnout can help stop wage collection.At a glance: * Get immediate help from tax experts  * Proven resolution strategies to keep your assets * Resolve underlying tax issues to prevent future garnishment * Save yourself the frustration—we’ll talk to the IRS What is wage garnishment?The IRS can withhold part of your paycheck when you owe back taxes. Unlike creditors, the IRS doesn't need a court order to garnish wages. If you ignore

How to Stop a Tax Levy: Complete Protection Guide

Tax Levies Explained: What's at Risk & How to Respond Imagine tax debt that cuts your next paycheck cut in half How will you pay your bills? Who do you reach out to? Imagine the shame of reaching out to your supervisor or, worse, Human Resources. This is what happens when the IRS has claimed your paycheck. That's essentially a tax levy, and your actual income and assets are at stake. Get started today before it reaches this stage. Tax Levies IRL What exactly is a tax levy? A tax levy isn't

State & Local Tax Relief Programs: Expert Solutions [2024]

Your State & Local Tax Relief GuideAt a Glance: Your Resolution OptionsTax issues hit differently at every level. Here's your roadmap to understanding and handling them on your own or with a pro. Key Points: * Local and state tax authorities have different powers Tax Authority Powers* Relief options vary significantly by location* Some states don't allow tax debt reduction* Local taxes fund essential community services* AI-powered analysis helps navigate multiple jurisdictionsSee how we handle

DIY vs. Professional Tax Relief: Choosing the Right Approach

Why going solo might cost you more than you think. Did you know? Millions of average Americans received a tax bill of around $17,000 this year. If you’re one of them, you're probably wondering: “Should I roll up my sleeves and do this myself, or call in a pro?” While doing it yourself might seem like a way to save money, it could cost you more in the long run. With the 2024 tax season fast approaching, let's explore your options for tax relief. That's where professional help comes in.Resolving

Tax Debt vs Credit Card Debt: What You Need to Know

The Big Picture: Tax collections and credit card debt typically require completely different approaches. One has federal authority, and the other doesn't.Choosing the wrong strategy can cost you thousands and waste years dealing with collection actions. With Turnout, you can have the best of both services—and save, too.By the numbers:  * Tax departments can seize up to 75% of your paycheck after warnings * Credit cards charge 20% plus interest * IRS payment plans start at $31/month for quali

Your State Tax Relief Options, Compared | From NYC to Texas & Beyond

State Tax Relief Options ComparedClear solutions for complex state tax challengesFt. New Jersey, New York, North Carolina, Illinois and TexasUnderstanding state tax relief options shouldn't require an accounting degree. Each state has its own rules, relief programs, and requirements. Here's the first in our State Tax Series. Here's a breakdown of tax relief in five major states, plus a smart way to handle multi-state obligations.NEW YORK: MANY OPTIONS, HIGH COMPLEXITYKey Facts: * State Tax Rat