Master Back Taxes Help: Strategies For Resolving IRS Debt

Back Taxes Help

What Are Back Taxes

Back taxes refer to any taxes that are owed from a previous year and remain unpaid. These can be income taxes, property taxes, or any other type of taxes that are owed to the government. Failure to pay taxes on time results in penalties and interest charges, which will accumulate over time, making the amount of back taxes owed even larger. Additionally, the government may take collection actions, such as filing a tax lien, garnishing your wages, or seizing your property, if back taxes are not paid. It is advisable to pay back taxes as soon as possible and seek professional help if needed to address the situation and minimize penalties and interest.

If you owe back taxes and are unsure how to pay them, the FTC, the nation’s consumer protection agency, advises you not to panic. Instead, take a deep breath and consider your options. If you are behind on your taxes and need tax settlement services, you are not alone. Millions of Americans are also delinquent.

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Settling your back tax can leave you down mentally and financially. Keith knows how to use the IRS Fresh Start program to provide back tax help. This has reduced or eliminated tax debt for countless clients and has an impeccable acceptance rate for his OIC submissions. Learn more about the back tax relief program called the Offer in Compromise (OIC) here. But if you don’t qualify for an OIC, don’t panic. There are many options to solve your back tax problem. Check out these other Tax Relief Options

But Make Sure You Don’t Ignore Your IRS Back Taxes.

IRS tax problems never goes away without taking action! The IRS is the most powerful collection agency on earth. It has the power to impede your way to financial freedom. Remember, if you want to know more about back tax help, you can click the button below to book a free tax problem evaluation and get back tax help!

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Back Taxes Help

A back tax refers to a tax that has not been paid in the year that they were due creating taxpayers who are unable to resolve their tax problems. Unpaid back taxes can occur at the local, state, or federal levels. You should keep in mind that these unpaid taxes will accumulate penalties and interest charges on a regular basis (daily and monthly). What’s more, the IRS is known to file a substitute for return as part of their collection efforts. Once the state and the IRS complete their assessment, they can start facilitating collection actions, such as liens, bank levies, and wage garnishments. The IRS usually sends out notices regarding payment of back taxes.

They contain:

If you do not file your tax returns and pay on time, you also risk losing the IRS tax refunds you were originally entitled to. The IRS may offer penalty relief to people who haven’t paid their taxes because of a special hardship in limited circumstances.

The IRS may agree to waive the penalties if the taxpayer meets very specific criteria. Interest reduction is even more limited and rare. Even if these programs eliminate penalties or interest, you will still owe taxes.

Understanding Unfiled Tax Returns

A taxpayer who has unfiled tax returns is called a nonfiler. The act of not filing one’s tax returns is a crime. You can possibly face imprisonment for a length of time proportional to each year of the unfiled tax return. While the IRS does not put a bulk of taxpayers in jail or monetary fines ($25,000 for individuals and $100,000 for corporations) for failing to file tax returns, it is not a valid excuse to make this mistake. Even if you have not received any notifications from the IRS, do note that they will catch up with you sooner or later.

Frequently Asked Federal Income Tax Return Questions

Generally, the IRS takes anywhere from 4 to 8 weeks to process a return that has been filed without any accompanying tax forms. For nonfilers, the wait time can be significantly longer, as the IRS will need to take additional time to determine your filing status and levy any applicable penalties. It's best to consult with a tax professional to find out how long the process will take in your specific case.
The statute of limitations on unfiled federal tax returns is three years. After that, the IRS can no longer prosecute you for not filing your taxes. However, they can still come after you for any unpaid taxes that you may owe. If you have not filed a return and it's been more than three years since the return was due, it's best to file as soon as possible to avoid any penalties or fines. The sooner you file, the sooner you can start resolving any potential problems with the IRS.

There are a few ways to file unfiled returns, depending on your specific situation. You can either file an extension and then file the returns later, or you can go ahead and file the returns without an extension but with all penalties for late return filing. There are also options for those who owe money on their taxes, such as payment plans or installment agreements.

To find out which option is best for you, it's best to speak with a tax professional. They will be able to help you understand your specific situation and give you advice on the best way to move forward.

There are a few ways to resolve unfiled tax returns. One option is to file an extension by the deadline in order to buy some more time to gather all of your information and complete your return. You can also submit a return for amended taxes if you find that you made mistakes on your original filing. And finally, if you owe money on your income tax liability, you can make arrangements to pay the IRS back over time. However, it's always best to consult with an accountant or tax specialist to find the best solution for your specific situation.