BACK TAXES HELP
BACK TAXES HELP
Facing the reality of back taxes can be a daunting experience, whether it’s for personal unpaid taxes or those resulting from payroll, but it’s never too late to file your back tax returns. For many people, their first notice of back taxes is when a levy hits their paycheck, bank account, or both. Others receive correspondence from a State or IRS auditor, claiming that they owe thousands of dollars – together with substantial penalties and interest – for past tax returns. Some fail when filing back taxes perhaps believing that they are not required to file, only to find that the IRS has filed their returns for them. Faced with mounds of IRS correspondence, some people feel too overwhelmed to act, which further compounds their problems.
What are the Consequences of Not Filing Back Taxes?
The consequences for failing to pay taxes and failing to file taxes are vastly different, with failure to file incurring much higher rates of penalty. If taxes remain unpaid, a truant taxpayer may be charged high penalty interest rates, see their assets seized, and in rare cases, face jail time.
What if I Missed the Tax Deadline?
It’s essential that you file as soon as possible to avoid incurring higher penalties and being forced to pay even more than you owe due to accrued interest.
Will the Government Levy my Assets?
It is a possibility that the IRS will levy the assets of a taxpayer who has repeatedly failed to make payments, and the following consequences may be enforced.
Wage Garnishment: If the government garnishes your wages, your employer will be legally required to withhold a certain percentage of your pay to cover unpaid taxes.
Tax Lien: If a tax lien is enforced, the government has claimed your property as an assurance of rights to your property over other creditors waiting for debt payment.
Bank Levy: Tax officials will demand that you bank put a hold on the fund in your account, and seize said funds to cover your unpaid tax liability.
Property Seizure: All of your property assets are up for grabs if you have repeatedly avoided repaying your taxes. Authorities may seize items such as your home, car, boat or any other asset that might be sold to cover your debt.
It is essential that you speak with a tax professional as quickly as possible to come up with a payment plan or IRS agreement that will work for your individual needs to avoid being served with one of the aforementioned penalties.
What if I Can’t Pay what I Owe in Full?
The IRS offers various payment plans that can help taxpayers who may not be reasonably able to pay the full amount owed, including installment payment agreements, offer in compromise resolution, and other payment plans. A tax professional can help you determine which is best for your situation.
Should I File My Own Back Tax Return?
Fortunately, there are several ways of resolving these problems and getting back taxes help. If the balances are the result of returns filed by the IRS, then filing back taxes can solve most of the problem. A return prepared by a professional tax preparer will ensure that the taxpayer benefits from all allowable deductions, credits, and other tax benefits.
What if I Have Been Audited?
In case of an audit, or a notice of deficiency, a tax professional can prepare a defense that includes verification of expenses and deductions claimed on a tax return. Penalties can be removed through penalty abatement, provided that a reasonable cause can be shown.
As you can see, with the many options available to get back taxes help, choosing the correct path to tax resolution can be difficult. Community Tax Dallas is a full-service tax professional company that employs experienced tax practitioners who are able to analyze your particular circumstances, identify the source of the tax balances, and develop a plan to most efficiently resolve your back tax problems including filing back taxes. Just as there are many ways to incur back taxes, there are also many ways to fix them – and applying the correct fixes in the correct order can save you thousands of dollars!
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