Common Back Tax Problems that can be resolved
Unfortunately, there may come a time in which you may be faced with a tax issue with the IRS. While this is a serious time, you do not want to panic and you definitely do not want to ignore it. If you owe the IRS any amount of money, it is in your best interest that you seek some sort of resolution. There are in fact several common back tax problems that can be resolved successfully.
You should also know that you are better off contacting our tax defense firm before you make any attempt to contact the IRS after you have been contacted by the IRS for back tax debt. This is because you are allowed to have a representative with you anytime that you are in front of an IRS agent or officer. By hiring our tax defense firm, you are far more likely to get a favorable outcome with your dealing with the IRS.
Call us for a free and confidential evaluation at 1-888-498-2937.
Below are four of the most common tax problems that you could face sometime in your life.
4 Common back tax problems that can be resolved
Unfiled tax returns
Unfiled tax returns are by far the most common back tax problem that can be resolved by finding a good tax defense company. The most common misconception is that if you do not file the tax return the IRS does not really know how much you owe. Another reason why people fail to file one or more tax returns is that either they assume they owe more than they do or that they simply do not have the money to pay the tax that they would owe.
Unfortunately, both of these situations are not very good reasons to fail to file a tax return. The IRS knows who should be filing a return and who does not have to file. So, your problems can begin as soon as April 16th when the deadline passes and you have not filed. The other situation will never preclude you from owing the money to the IRS and in fact, it will only make it much worse for you in the long run.
However, there is a bright side, if you make a concerted effort to resolve your back tax issue with the IRS, you will be surprised how agreeable the IRS can be. It is only when they have to go after you is when it appears that they are heartless.
Inability to pay what you owe
Another one of the more common back tax problems that can be resolved is the feeling that you have the inability to pay what you owe to the IRS. Unfortunately, it is not simply enough to tell the IRS that you do not have enough money to pay the tax that you owe. The IRS has the ability to find out exactly what your net worth is and whether or not that you can pay the money you owe.
For this reason, it is imperative that you make every effort to file all of your tax returns, even if you have not done this for several years. Not filing returns will only multiply the problem and add penalties and interest to any amount that you owe and that is not likely to be reduced unless your specific circumstances warrant it.
The IRS has the ability to seize assets in order to satisfy a tax debt, so if you have assets that can be taken and sold off to cover your tax debt, the IRS does not see that you actually have an inability to pay. If you have such assets you would be wise to contact our tax defense company to help you figure things out.
Call us for a free and confidential evaluation at 1-888-498-2937.
Penalties and Interest
One of the biggest problems with letting tax debt go unresolved for long periods of time you end up with expected penalties and interest accrued. These amounts of money are automatically added to your balance and this could easily turn a small amount of back tax into a large sum of money. It will also alter how long you would have to pay if you are lucky enough to be able to set up an installment plan.
If you are not so lucky to get a break from the IRS using one of several ways the IRS established to help taxpayers with the common back tax problems that can be solved, then you should immediately seek the help from a tax defense company. They will be able to help you request penalty abatement from the IRS.
By having a tax professional on your side you will be much better off when it comes to filling out the request. This is because in order to qualify for this abatement you will need to meet three specific requirements that they will be able to help you with.
Garnishment and Levies
Garnishments and levies are the way that the IRS can legally collect the tax debt that you owe. Neither one of these actions requires a court order for them to take the necessary action. However, they do not Willy-Nelly do this, they generally take many different steps in order to allow you to pay the debt or make reasonable arrangements to pay it back. It is only when all of their efforts have been exhausted do they resort to garnishing your wages or put a tax-lien and or levy on your assets.
If they go the wage garnishment route they can actually take pretty much all of your income in order to satisfy the debt. However, they rarely go to that extreme and it usually works out more to be whatever is above what it takes to support your family. The lien on your assets can be a bit rougher, depending on how much you owe and what kinds of assets that you are holding on to.
In the end, the more common back tax problems that can be resolved are all ones that a qualified tax professional working for our tax defense company can help you with.
Call us for a free and confidential evaluation at 1-888-498-2937.
