The effects of the Tax Cuts and Jobs Act that was signed into law last winter are still being felt, and it has contributed to an economy that has not grown at this pace in at least two decades.
There are many things in the legislation that have benefitted companies and workers, as well as those households. Of course people are getting more take-home pay in their paychecks, and companies are able to bring more of their money from overseas, and they pay a significantly reduced corporate tax rate.
While there are plenty of benefits to Americans in the bill, there is one issue that has not been fully addressed: Uncle Sam is still around. The Internal Revenue Service (IRS) is still around, and still has the power to disrupt if not ruin your life if you don’t pay your taxes – even these lowered ones.
Yes, it is still a crime to not pay your taxes. The IRS still has the resources to go after you, and if you are someone who has dealt with tax problems in the past, you are already high on the agency’s audit list. The IRS can create a whole host of headaches for your finances if you don’t’ do what you are supposed to do, by either making sure enough withholding is taken out of your check or you make regular tax payments each quarter.
If you are one who does not have much money or is very much an upper-middle-class worker but have trouble managing your money, it seems the IRS will gets its fingers into your finances as well. Money is one part of financial trouble, but the other part is organization. In northern Virginia recently, a Financial Empowerment Center was opened to provide assistance to those struggling with their finances.
In an FEC, residents in the area can avail themselves of a financial coach and other resources to help them get their finances organized, learn how to manage money and take care of debts while still providing for the family. And part of this may likely include dealing with a tax attorney to help you negotiate and past tax liabilities or controversies associated with your working life.
If you are working to get yourself in better financial shape so you can prosper in the new economy instead of just survive, you never want the IRS hanging around in your life any longer than necessary. Getting organized to know what you owe to Uncle Sam and getting quality tax advice from an accountant or tax attorney can save you hundreds or thousands of dollars in fees and dozens of aspirins worth of headaches.