Tax resources
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Filing Taxes When You Owe Money:
What To Do And What You Need to Know
If you know you owe money to the IRS, paying it off should be your number one priority. That might mean squeezing your dollars extra hard or trimming your budget to the bone, but it beats paying penalties and high interest to the IRS.
Seek Professional Tax Help and Guidance
Owing money to the IRS is no joke, and dealing with the situation is not something you should try to tackle on your own. If you know you owe money to the IRS and cannot pay the bill in full, it is important to seek professional help and guidance.
A tax resolution expert can guide you through the process, helping you prepare, submit and negotiate a payment plan that works for you and the IRS doesn’t get to manage your monthly cash flow. You also may qualify for an offer in compromise, which settles your case for less than the amount owed, but it’s important to act as quickly as possible - you do not want your tax situation to get worse.
Hopefully, you will find a reason to smile when you file your taxes this year. Hopefully, you will find that you are due a refund, and you can begin making plans for the money that will soon arrive in your bank account.
If not, it is important to know what to do and which steps to take. If you owe money to the IRS, you need professional help and guidance, so call a tax relief expert right away to preserve your rights and your money.
Before you make a decision, let our firm see if we can help. We negotiate with the IRS day-in and day-out. We can potentially settle your tax debt for a lot less than you owe. Call us today to find out. Our tax resolution specialists navigate the IRS maze so you don’t have to.
Great Day Tax Relief offers a FREE monthly newsletter about tax problems, tax resolution, stories from people about their experiences with the IRS, and strategies. We have also included updates about Great Day, trivia questions for prizes, and frequently asked questions about the IRS.
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Helpful Sources:
New IRS Strategic Plan: Agency Issues Five-Year Plan With Goal To Help Taxpayers
https://www.irs.gov/newsroom/new-irs-strategic-plan-agency-issues-five-year-plan-with-goal-to-help-taxpayers
With inflation causing a spike in college costs, here are some tax breaks worth exploring to help cash-strapped families
https://www.cnbc.com/2022/07/25/with-inflation-causing-college-costs-to-spike-these-tax-tips-may-help-.html
Question of the month:
Q: I’ve been getting letters from the IRS saying I owe back taxes for 2018 - 2020. This is taking over my personal life and don’t know where to start. What should I do?
A: Owing money to the IRS can be intimidating and throw your entire life out of balance but ignoring these notices will only make things worse. It’s important to take immediate action. The IRS has over 148 different types of penalties they can assess, and the worst part is they can also charge interest on these penalties. Penalties and the interest can be a high percentage of the total amount owed to the IRS. Plus, the IRS has 10 years to collect from the date you filed your return. Not only can they remove all the money from your bank account, but they can garnish your wages too and legally take as much as 90% of your net paycheck, without a court order! They can also garnish your Social Security Income. You need a professional expert on your side to deal with the IRS. You can’t do this on your own. You will get run over by the IRS. As a matter of fact, going or talking to the IRS without expert representation could be the worst thing you can do. The Taxpayer Bill of Rights allows you to be represented by a Tax Resolution Specialist who can negotiate a resolution with the IRS in your favor.
Let Us Deal With The IRS For You
Leave the stress up to our experienced team, we have the knowledge and skills to handle the IRS.
