If you have a big tax bill that you can’t pay, life can seem
pretty bleak.
While the number of tax liens annually filed by the IRS against taxpayers has fallen by more than 50 percent since 2010, there were more than 14 million open tax-debt cases against individuals and businesses heading into 2018, according to the IRS data book.
Despite one of the longest-running economic expansions on record over the last decade, millions of Americans continue to struggle to pay their taxes.
Tip 1: Don’t ignore the problem. The IRS will not. Even if you can’t pay what you owe, file your return on time or, if that’s not possible, file for an extension. The late filing penalty is 5 percent of the tax owed per month up to a maximum of 25 percent of the balance. There is also an underpayment penalty of 0.5 percent to 1 percent per month of the balance owed, also up to 25 percent. If you don’t file your return or make any payment on your obligation, your tax debt will grow rapidly.
Despite one of the longest-running economic expansions on record over the last decade, millions of Americans continue to struggle to pay their taxes.
If you’re in that boat, however, it is not the end of the world. There are steps you can take to reduce the impact of unpaid taxes on your life, credit and financial well-being.
NEED HELP WITH IRS BACK TAXES, AUDIT REPRESENTATION OR SMALL BUSINESS TAX PREPARATION?
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Tip 2: Be realistic about your situation. The IRS rarely forgives tax debts. Form 656 is the application for an “offer in compromise” to settle your tax liability for less than what you owe. Such deals are only given to people experiencing true financial hardship and in some cases unusual circumstances. If you or your family have had catastrophic health-care expenses or you’ve lost your job and have poor prospects for generating income in the future, you could possibly qualify. It doesn’t happen often.
Tip 3: Owe $10,000-plus? Hire an attorney. If you owe more than $10,000, consider hiring a tax attorney to negotiate with the IRS. Payment plans differ, and an experienced attorney can help you get better terms. They can also help you avoid having a tax lien being assessed against you, which will damage your credit.
Be careful who you hire, however. State attorneys general warn consumers regularly about tax-debt resolution scams. If someone suggests they can help eliminate interest and penalties assessed by the IRS or settle your tax debt for a fraction of what you owe, they are probably lying and almost certainly not worth the fee they will charge.
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2018/2019 tax return or past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
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