Los Angeles, CA, August 24, 2011 --(PR.com
)-- StopIRSDebt.com, experienced tax debt relief firm, provides tips and reminders to American taxpayers who find themselves out of a job in this tough economic environment. These basic reminders can reduce tax liability and prevent the burden of a tax bill too large to pay come April 15.
Job loss is an unfortunate reality for too many people. Because accrued vacation or sick time, severance and unemployment compensation are all taxable, it is the responsibility of the taxpayer to make sure enough taxes are withheld to avoid a tax bill that is too high to pay all at once. “Many of our clients are surprised by their large tax bill after getting laid off. Because their income is reduced to unemployment, they feel there should be little tax obligation. They find themselves in trouble when they don’t have the money to cover the taxes due,” says Atyria Clak, Lead Attorney for StopIRSDebt.com.
Job seekers can deduct some of the expenses incurred while interviewing and seeking work within their field. Resume preparation, agency fees, travel to interviews and other expenses can be deducted. If a move is required due to a change in job location, some of the moving costs can also be deducted.
For those who have lost a job and cannot pay their tax bill, it is important to file on time and request a payment plan
. Says Clark, “Too often, changes in a job situation lead to economic hardships. If you are in over your head, seek help to resolve your tax debt
and avoid ongoing interest and penalty fees.”
About StopIRSDebt.com - StopIRSDebt.com offers tax relief services for both state and federal tax debt. The team at StopIRSDebt has assisted thousands of customers and can service clients throughout the United States. From tax preparation to lifting wage garnishments, our team of tax professionals is ready to assist you. www.StopIRSDebt.com or 1-888-9-STOP-IRS