September 5, 2020
Fishing Industry Tax Relief | Fisherman Tax Relief
Fishing Industry Tax Relief | Fisherman Tax Relief
Fisherman Tax Problem Solutions
Fishing and Related Fishing Workers Occupations is a very important vocation, employing about 36 thousand nationwide. Statistically there are five industries (Independent Truckers, Childcare Businesses, Realtors, General Contractors and Fishing) that have the most tax problems as a percentage of the general business population. We have worked with Fisherman for a long-time helping them solve their tax problems. The reason they get themselves into tax problems usually involves one or more of the following;
- I am fishing constantly and just do not have the time to keep up with the accounting or taxes.
- The regulations and tax rules are constantly changing, and I just cannot keep up with them.
- Noone has ever given me a straight answer on how I should be taxed, it is so confusing.
- I am barely making it and just do not have the money to pay Estimated Payments or Payroll Tax Deposits.
I Am Dealing with Buyers and Seller Constantly, I Just Do Not Have The Time For the Accounting or Taxes
Like any successful business, some things need to be delegated. The best solution to this problem is to outsource your accounting/bookeeping, payroll and tax preparation. We offer these services for as now as 193.92/month amortized over the course of the year. This is based upon the volume of accounting transactions, number of employees and complexity and number of returns.
The Regulations and Tax Rules are Constantly Changing, and I Just Cannot Keep Up.
As a successful business owner, you need embrace the concept of getting trusted advisors involved in your business. We understand the fishing industry very well and have develop relationships with firms for areas that are outside of our specialty.
Noone has Ever Given Me a Straight Answer on How I Should be Taxed
This is a question that requires a conversation and analysis. Yes, at a certain level of income, you will be overpaying on taxes if you continue to operate a Sole Proprietorship. When to convert depends on your circumstances and we can help you make that decision.
I Am Barely Making It and Just Do Not Have the Money to Pay Estimated Payment or Federal Tax Deposits.
Two of the fastest ways for a Fisherman to get in trouble are not paying Estimated Payments or not paying Payroll Tax Deposits. Either will cause you to have an IRS tax debt and if you have that debt long enough, the IRS will threaten to or will actually shut you down.
At Legacy Tax & Resolution Services we developed the priorities first model, were each time you receive income, deposits are automatically allocated into other accounts in relationship to your established “priorities” (Estimated Payments, Payroll Tax Deposits, Savings, Future Equipment or Boat Purchases.). This has the benefit of allocating less money towards your operating account. If you have less money in your operating account it creates a scarcity, which causes you to seek additional income and make better decision with the funds that remain in the operating account. Its a win win, with the goal of accomplishing your stated priorities.
What is Available Tax Relief for Fisherman
Fisherman are entitled to all the same tax relief available to all citizens of the United States. The most common solution potential are; 1) Preparation of delinquent and unfiled returns, 2) Offer In Compromise, 3) Installment Agreements and Payment Plans 4) Currently No Collectible Status and 5) Penalty Abatement
Preparation of Delinquent and Unfiled Returns
Many times the start of the tax relief is the filing of delinquent and unfiled IRS and State tax returns. Back taxes can accumulated from years of unfiled returns, usually as the result of missing records. If left unfiled, back taxes can be considered evading filing responsibilities. We can help reconstruct tax records and prepare past due tax returns.
Offer in Compromise
Once in compliance (all returns filed), Fisherman also have the option to get tax relief through an Offer in Compromise or OIC. If you qualify this is one of best tax relief options for Fisherman since it would allow you to settle your debt for less than what you actually owe. There are strictest qualifications, rules, and guidelines to ensure that only qualified Fisherman may use this option.
Installment Agreements and Payment Plans
Another tax relief option for Fisherman is Installment Agreement or Payment Plan, which can be especially helpful for Fisherman when an Offer in Compromise is not an available option. An Installment Agreement or Payment Plan will allow a Fisherman who is indebted with the IRS or State to pay his or her tax debt through payments over time.
Currently Not Collectible Status
Currently Not Collectible or (CNC) is a status assigned to Fisherman who can prove they are unable to make any payments toward their outstanding tax liabilities, currently. When an account is designated Currently Not Collectible, it temporarily pauses the IRS collection process—meaning no harassing letters, intimidating phone calls, or threatening levies.
Penalty Abatement
Penalty Abatement is a process to eliminating penalties on the tax debt if the Fisherman is able to present reasonable and justifiable cause, explaining why he or she accumulated the tax debt in the first place. Some examples of reasonable and justifiable cause accepted by the IRS are family sickness, natural disasters, and other situations that are beyond a person’s control.
Other Options
By seeking tax relief, you free yourself to sleep easier at night. More importantly, you would no longer fear the IRS letters and notices coming in the mail or an IRS agent showing up at your home or business. Other Options available are removal of wage garnishments, release of bank levies, lien release, innocent spouse, IRS and State audit representation, IRS and State collection appeals, Bankruptcy tax relief and expiration of the statute of limitations.
Knowing the Right Option
Fisherman, before you seek tax relief you must know what resolution option is best suited for your situation. Your best resolution option(s) are determined by your financial circumstances. It is best to allow a Certified Tax Resolution Specialist to analyze your situation and discuss your options.
We represent Fisherman before the IRS and State in all 50 states. We can resolve your tax problem and settle your tax debt for the lowest amount allowed by law. Call us at 800-829-5877.
Printable PDF