Episode #74: Letter From The IRS

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Today’s Smart Money Question:

Learn what to do when you receive an ominous letter from the IRS. If the IRS is asking you for additional money, consider your options.

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(Click the featured times below to jump forward in the episode)

Here Are Just A Handful Of Things You’ll Learn:

00:33 – A Bit Of Context. 

  • Sometimes, after you’ve filed your taxes for a previous year, you’ll get a letter from the IRS. It will say something to the effect of “We’ve received your forms, we don’t agree with your submission, and you owe us more money.” If you receive such a letter, please don’t jump straight to the conclusion of cutting the IRS a check. Especially in the age of filing your own taxes, you’ve got to be wary of foregone conclusions about your tax filing. Don’t assume the IRS automatically has it all together. Of course, we’re not telling you to skirt your taxes either. We just want you to thoroughly investigate and consider your options when it comes to approaching such seemingly mysterious letters.

2:58 – Hire A Tax Professional. 

  • We highly recommend you hire a tax professional when filing your taxes. Your tax pro will really work to fight for you and thoroughly investigate your situation as issues arise. They know the ins and outs of tax filing and can ensure you don’t overpay in taxes. Ideally, your tax professional should be working with you to plan in advance. Use tax strategies that will protect your wealth.

4:03 – Why Does The IRS Send These Letters? 

  • These letters function as a sort of audit. They’re basically looking for you as the taxpayer to provide the correct forms and prove you’ve been correctly documenting your finances.
  • It’s easy to think you should just pay these fees as the IRS is a seemingly powerful agency. Instead, consider these notifications to be a simple check-up on your tax filing. Take them at face value, and don’t jump to conclusions. Use these letters to prove you’ve indeed followed the correct procedures and don’t owe anything you haven’t already paid.

Other Smart Money Points: 

  • 6:18 – Review These Letters With Your Tax Professional.
  • 7:36 – Conduct A Thorough Investigation.
  • 10:36 – More Confusion To Come?

The Answer:

The IRS wants your money. Don't overpay. Review any letters from the IRS with your tax professional before cutting a check. - Smart Money Questions
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