While staying tax compliant and cooperating with the IRS are obvious, there are other Asset Protection strategies to avoid the potential loss of assets to the IRS. We would give these important pointers:
- Stay tax compliant. Discipline yourself to get your tax filings done on time.
- Avoid tax shelters or other aggressive schemes to sidestep taxes.
- File separate tax returns if you are married. Why give both spouses exposure to the IRS
- Cooperate with the IRS. They too want to resolve your tax liability. But they are less likely to seize your assets if you responsibly address your tax situation.
- Protect your assets before you have tax troubles. Of course, this warning prevails throughout our website