Tax resolution attorney John Willis, CEO and founder of IRSALLSTAR tells readers that the number of taxpayers who underestimate their annual estimated tax debt has risen from 7 to 10 million in the past 10 years, apparently largely due to the growing gig economy.
Fairhope, AL, September 8, 2017: Tax Attorney John Willis, CEO and founder of IRSALLSTAR.com, recently posted a new article on his website entitled “Did You Underestimate Your Estimated Taxes?” Mr. Willis’s blog lets taxpayers know that the heat is on as IRS penalty notices go out to the millions of taxpayers for underestimating their taxes due.
Willis writes, “If you did underestimate your taxes don’t worry, you have plenty of company.” He adds, “The IRS has estimated that roughly 10 million taxpayers underestimated the amount of taxes they owe between 2007 and 2016. That’s up from 7 million in 2006.”
“According to an article in USA Today,” says Willis, “one possible reason cited for the increase is the growing gig economy. More and more people are shifting into this area of self-employment. Many are supplementing a regular job and failing to report income from their gigs.”
Willis emphasizes, “The fact is, if you are self-employed and expect to pay $1000 or more in taxes, you’re required to submit quarterly payments that will cover at least 90% of the estimated tax due on your income.” He continues adding, “The IRS allows certain exceptions to farmers, fishers, casualty and disaster victims, recent retirees, people who are newly disabled, those who base their payments on the prior year’s tax and people whose income flowed in unevenly during the year.”
“Now, in the end of summer heat, those taxpayers that the IRS feels made mistakes are receiving penalty notices,” says Willis, adding, “This is the prime time for IRS to send out notices.”
According to Willis, “If you feel you’ve received a penalty notice in error, you have the right to appeal. One of the guaranteed and most important rights of all taxpayers is the right to appeal.”
The entire article can be read at: http://www.irsallstar.com/articles/did-you-underestimate-your-estimated-taxes.php
ABOUT JOHN WILLIS
Mr. Willis believes strongly in supporting and representing the “underdog” and has devoted his entire professional life to protecting and defending those who need it most. As an attorney, Mr. Willis takes his role as “counselor” seriously. His knowledge, creativity and persistence are valuable assets that provide substantial benefits to his clients. He has represented individuals and businesses across the Gulf Coast for over 15 years and he brings together an abundance of skills and experience that can be of assistance to almost anyone.
ABOUT THE IRSALLSTAR TEAM
The IRSALLSTAR team has developed a winning formula to ensure that each client’s individual needs are specifically met. Upon becoming a client of Mr. Willis’ law firm, that client’s immediate needs are assessed and long-term goals are defined. Experienced professionals on the IRSALLSTAR team then assist each client in developing and implementing a custom-tailored game plan to provide both short-term and long-term relief from his or her serious tax problems. All firm clients are continually coached toward successful tax resolution and final victory over their challenges with the IRS and state taxing authorities.
To learn more about Mr. Willis and his law firm please visit http://www.IRSALLSTAR.com or call toll-free 877-254-4254.