Understanding the Basics of Tax Resolution

In this episode of Resilience and Resolve, tax resolution attorney Lance Drury walks us through the basics of tax resolution law and discusses how self-employed individuals and small businesses can navigate their tax challenges. Lance shares insights into the complexities of working with the IRS, common misconceptions about tax resolution, and the critical role tax professionals play in helping people resolve their tax issues. Through real-world examples and expert advice, Lance explains how clients can avoid common mistakes, what steps they should take when dealing with the IRS, and when it’s time to seek professional help. Whether you’re a small business owner, a freelancer, or anyone dealing with IRS debt, this episode provides valuable information on how to protect yourself from the financial and emotional stress of unresolved tax liabilities.

 

Key Highlights & Timestamps:

[1:00] – Introduction to Lance Drury Lance shares his background as a tax resolution attorney and why helping individuals and businesses resolve their IRS issues is so important to him.

[4:30] – What is Tax Resolution Law? Lance explains what tax resolution encompasses, especially for self-employed individuals and small businesses, and the challenges they face in staying compliant with the IRS.

[8:30] – Common Myths About Tax Resolution Lance debunks the myth that individuals can handle tax resolution on their own and explains why hiring a professional is essential for navigating the complexities of IRS issues.

[12:00] – The Pain Points of Clients Lance discusses the fears and concerns his clients have when they first come to him, including the threat of losing their business, assets, or facing wage garnishments.

[15:45] – When to Hire a Tax Resolution Attorney How to determine when it’s time to hire an attorney, including the $10,000 threshold, unfiled tax returns, and audits.