Advice For Resolving Your Back Taxes
- July 30, 2019
- Posted by: asal
- Category: Tax Resolution
As U.S. citizens, the IRS expects us to file and pay our taxes on time each year. When we fall behind on our returns, we are at risk for costly penalties and fines. Additionally, if you don’t pay back taxes, the IRS can employ collections actions on you. Wage garnishments and bank levies can become a reality if you don’t pay back taxes. Don’t go into debt for not resolving your back taxes. If you are trying to determine what to do about your back taxes, contact Platinum Tax Defenders. The experts at Platinum Tax Defenders can determine the best strategy to settle back taxes. You can get yourself into serious debt if you don’t solve back taxes. Stay debt-free and follow these tactics below. Resolving your Back Taxes
Whatever You Do – Don’t Ignore The IRS!
One of the most significant pieces of advice we can give taxpayers is not to ignore the IRS. You must keep an open line of communication with the IRS about your tax debts. If you start getting notices from the IRS, the best tactic is to answer them. You should hire a tax resolution professional as soon as you begin receiving notices from the IRS. It is vital that you don’t ignore the IRS’ phone calls and letters. If you ignore the IRS, you will only make your situation worse. You can’t ignore your back tax issues. Ignoring the IRS will not make your tax debts go away.
Resolving your Back Taxes: How To Work With The IRS
It would help if you kept in contact with the IRS when they begin to reach out to you about your tax debts. It’s imperative for you to communicate with the IRS and explain your tax situation to them. If you interact with them, the IRS may be able to help you work out a tax resolution plan. By talking to the IRS, you can avoid collection activities like wage garnishments, bank levies, and assets seizures. The best thing you can do is hire a tax resolution professional. Platinum Tax Defenders has years of experience working with the IRS directly. We are experienced in negotiating with the IRS and can negotiate with them, so you don’t have to.
Hardship Deferments To Settle Back Taxes
If you are in deep financial trouble, you may be able to request a hardship deferment for paying back taxes. The IRS may grant you a hardship deferment if you:
– Lost your job
– Are suffering from a severe medical condition or disability
– Have a death of a family member
– Recently got divorced
Before asking the IRS for a hardship deferment, contact a tax relief professional. A tax resolution expert can determine if you qualify for a hardship deferment.
Resolving your Back Taxes: Request a Penalty Waiver from the IRS
It’s bad enough to owe IRS back taxes. However, your tax situation gets worse when you owe back taxes because of penalties and interest. Additional penalties and interest can make paying your tax debt more difficult. However, it’s possible to ask the IRS for a penalty waiver. When requesting a penalty waiver, you may be able to have penalties eliminated. If the IRS reduces your penalties, you only owe the IRS your back tax balance. Before applying for a penalty waiver, you should speak with a tax resolution professional. A tax relief professional can make sure you qualify for a penalty waiver.
Resolving your Back Taxes: Complete your Tax Returns promptly
It’s essential that you continue to file and submit tax returns each year when dealing with back taxes. When your account is under review by the IRS, make sure to file your most current tax returns. Also, ensure you submit your current year’s return on or before the April deadline. If you owe taxes for the current year, ask the IRS for a payment arrangement. The last thing you want to do is fall even further behind on back taxes. You can request an Installment Agreement from the IRS or another type of payment arrangement. Before discussing an Installment Agreement with the IRS, consult a tax resolution professional. A tax relief professional will be able to help you determine the right tax relief plan.
Resolving your Back Taxes: File Your Back Tax Returns
You also want to make sure and file and submit your back tax returns. The IRS will use a variety of collection activities to get back what you owe them. If you don’t pay what you owe, the IRS can employ a variety of collection actions, including:
– Wage garnishments
– Bank levies
– Seizure of property
It’s essential to try and pay off the debt as soon as possible. Back tax debts can cause you extreme financial hardship. The longer you have the tax debts, and do nothing about it, the more your debt will be.
Negotiate a Payment Arrangement with the IRS
If you are unable to pay in full what you owe, work with a tax relief professional first. In many cases, the IRS will allow you one of the following available payment options to settle back taxes.
The payment options you may be eligible for include:
– Offer in Compromise
– Currently not Collectible status
– Installment Agreements
– Monthly debit withdrawals
– Check withholding
Get Help From A Tax Resolution Specialists
For taxpayers who aren’t sure how to settle back taxes, consult a tax resolution professional. A tax relief specialist can advise you of the best methods to resolve your back taxes. Additionally, tax relief specialists may be able to help you settle back taxes for less than you owe. A tax relief specialist can also advise you on how to deal with the IRS. Instead of having your wages garnished, resolve your back tax debts. You can settle your back tax debts by asking for penalty waivers, payment arrangements, and other options. A tax relief professional is the best one to advise you on how to deal with filing back returns. Get your account back in good standing with the IRS. Contact the experts at Platinum Tax Defenders today for a free consultation.