If you are currently dealing with tax problems, now is a good time to get tax help before the new tax hikes kick in. The Obama Administration is continuing with its steadfast endeavor to collect back taxes as well as to collect more taxes from the wealthy and powerful.

Currently planned for 2011, Obama’s biggest tax hike will affect married filers making over $250,000 and singles making more than $200,000. In a nutshell, the administration is swapping out 36% and 39.6% tax rates for the current 33% and 35% tax brackets.

This will also affect small businesses and sole entrepreneurs. Since they are the largest contributors to the national tax gap, they are likely targets for revenue to help reduce the federal deficit.

Some of the tax hikes will come in the form of higher SECA taxes for owners of S firms and partnerships. And with new restrictions on worker classifications, businesses will no longer be able to treat employees as contractors to save money. Additionally, there will also be an elimination of certain tax breaks for big corporations.

The moral of the story is: get your taxes straightened out now before the new tax hike kicks in. Once you are liable for higher taxes, your penalties and interests will only increase with any subsequent unpaid taxes.

It’s important to keep in mind that ignoring the IRS is not solving the problem. If your tax problems are overwhelming you, you will be much wiser to seek a tax attorney’s help than to simply shelf the issue (it will only grow bigger). Many times, the help of a tax attorney will make the difference between crippling IRS penalties and manageable payment plans or even a reduction in penalties.

Find out more about how you can protect your financial future from IRS tax audits.

I solve tax problems every day. My team of tax attorneys and tax resolution specialists are here to help you! For a free, no-risk tax consultation, please call my office at 818 774-1813 or 866-IRS-PROBLEMS.

More Tax Help, IRS News and Tax Relief Tips:

1. Discharging Taxes and Penalties in Bankruptcy: How Delinquent Tax Returns Can Affect Your Eligibility
2. IRS Audits of Thousands of Innocent Offshore Account Holders Expected as UBS Releases 52,000 Names of Potential American Tax Evaders
3. Could Expert Tax Help Have Boosted this CPA’s Chances of Fighting IRS Tax Evasion Charges?
4. Evading Taxes on Your Tax Return - The Money You Save is Not Worth the IRS Problems You End Up Causing Yourself
5. Tax Help: How to Resolve Your Back Taxes & Prevent Tax Problems If You’re Short on Cash This Season

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This entry was posted on Monday, August 17th, 2009 at 1:51 pm and is filed under Penalty Abatement, Seeking Professional Tax Help, Tax news and tips, Taxpayer Advocate, tax help. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.