Professional Tax & Consulting Services

A consultant’s tax liability is based on net business income, not total revenue. Federal income tax depends on taxable income, filing status, deductions, and credits. Self-employed consultants generally also owe self-employment tax on net earnings, while state and local obligations can apply based on where work is performed. Accurate bookkeeping, estimated tax planning, and documented business expenses are essential to projecting the amount due.

Begin by confirming the total balance, filing status, penalties, interest, and collection notices. Depending on your circumstances, potential paths may include paying in full, an installment agreement, an Offer in Compromise, penalty abatement, or Currently Not Collectible status. The right approach requires a complete review of your income, assets, expenses, and prior tax filings. Continuing compliance with current filing and payment obligations is typically required.

Yes. An IRS Enrolled Agent is federally licensed by the U.S. Department of the Treasury and has unlimited practice rights before the IRS. An Enrolled Agent may represent taxpayers in audits, collections, appeals, and other federal tax matters. Assured Financial Services’ founder holds this credential and can communicate with the IRS on a client’s behalf through the appropriate authorization process.

Unfiled returns should be addressed promptly because the IRS may file a substitute return using limited information and without deductions or credits you may be entitled to claim. Preparing delinquent returns accurately establishes the actual tax position and is often necessary before pursuing a payment arrangement or other resolution option. The filings should be coordinated with the broader IRS resolution strategy.

The IRS may grant penalty relief when eligibility requirements are met. Common options include first-time abatement and reasonable-cause relief, which may apply when circumstances such as serious illness, records issues, or other events prevented timely compliance. Relief is not automatic; requests should be supported with accurate filing history, relevant documentation, and a clear explanation of the facts surrounding the penalty.

An IRS installment agreement allows qualifying taxpayers to pay an outstanding federal tax liability over time through scheduled payments. The IRS considers the amount owed, filing compliance, payment history, and financial information when determining terms. Interest and some penalties may continue while a balance remains unpaid. A sustainable payment amount is important because missed payments can place the agreement in default and restart collection activity.

Act quickly and preserve every IRS notice, account statement, and payroll record. A levy or wage garnishment can result from unresolved balances and missed response deadlines. Potential actions may include demonstrating financial hardship, resolving filing issues, arranging payments, or seeking a release when conditions are met. Federally authorized representation helps ensure the IRS receives complete, timely financial information and communication.

An Offer in Compromise is an IRS program that may allow qualifying taxpayers to settle tax debt for less than the full amount owed. Eligibility is based on the taxpayer’s reasonable collection potential, including income, expenses, assets, and future earning ability. Complete filings and required tax deposits must generally be current. A thorough pre-qualification review helps determine whether an offer is a realistic option.