Afraid of Wholesaling Foreclosures Due to Back Taxes?
Are past or even current tax issues or concerns holding you back from investing in real estate?
Should you really be that concerned, should you let it hold you back and how can you fix it, no matter how much you owe?
When the economy fell apart many people stopped paying taxes and even filing taxes. Once in this rut many have found it difficult to get out of and even more daunting to try and remedy. Unfortunately, this is not only hurting them personally and preventing them from getting ahead, but has also no doubt been responsible for holding the larger economy back and hurting government coffers too.
The first thing everyone that has skipped a year or seven of filing or paying taxes needs to wake up and realize is that ignoring the situation is only going to make it worse. It isn’t going to go away and the problems will only be compounded by time, while vital opportunities are being missed out on.
Regardless of how ugly or hopeless you think the situation is, it is fixable and the sooner addressed the better…
File what you can. If you have lost paperwork then ask for an extension and request transcripts from the IRS. You can do this online if you are wary of walking into the local IRS office.
Next apply for a payment plan. If you have an application in process, or are on a plan, the IRS generally won’t come after your assets or income.
If you can, negotiate a payoff for a reduced amount either yourself or with the help of a tax expert or attorney. Even if you have tax liens they could be withdrawn or at least reduced if contested.
Start Investing ASAP
While some might well be concerned about past due taxes coming back to haunt them if they start making a ton of money from wholesaling foreclosures, most probably overestimate the immediate threat.
Regardless; making more money by investing will help you settle the issues faster. It is also critical to recognize the immense amount of opportunities that will be missed and huge amounts of money lost out on by putting off investing. Plus, keep in mind the compounded returns and wealth building and income to be had from wholesaling more foreclosures now.
In fact, if you are in a tight financial spot the best thing you can do is flip your wholesaling business into high gear and go all out as quickly as possible to capitalize on the current market and amazing window of opportunity we are seeing right now…
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