Tax Attorney with client 200x300 Back Taxes Owed? Heres What You Need To Know

If you have back taxes owed to the IRS, it’s imperative that you take action immediately.

By seeking the expertise of an experienced tax professional, you may be able to turn your situation around – before it gets any worse.

There are many reasons why people fail to pay their taxes. Businesses owners and individuals alike are often unprepared to receive an unexpectedly high tax bill each year. Whether your business had a more profitable year than you realized, or you received an unexpected sum of money, or you simply forgot to send payment when you filed, it can be frustrating and stressful to have any amount of tax debt hanging over your head.

But the important thing to remember is that you have options!

The longer you wait to pay off back taxes owed to the IRS, the worse your situation will get. You have a right to professional representation, so you can address the problem before it’s too late.

What To Do If You Have Back Taxes Owed To The IRS Or Your State

Understand the consequences

When you have back taxes owed the IRS, the IRS will take increasingly aggressive steps to penalizing you and collecting the money from you. Here are a few things that will happen, depending on how long you let your tax debt go unpaid.

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- Penalties and interest. As soon as you miss a tax deadline, your tax debt grows larger in penalty fees. Over time, those penalties and compounding interest can spiral out of control, amounting up to 25% of the total amount you owe.

 

- Threatening notices You will generally receive notices in the mail about your back taxes owed to the IRS. These letters will warn you about the IRS’s intent to garnish your wages, levy your bank accounts or initiate a number of other collection methods.

 

- Collection. If you continue to do nothing after receiving those notices, the IRS will begin using every measure possible to collect your tax debt on their own. Legally, they can take money right out of your paycheck and out of your bank account. If they issue a federal tax lien, it will show up on your credit report, making it nearly impossible to obtain a loan of any kind, even to pay off your tax debt.

 

Get a skilled tax professional. Regardless of what stage you’re currently at, a skilled tax professional can help you seek tax relief right away. Depending on your situation, your professional may be able to reverse some of the penalties fees, stop the IRS from harassing you, put a halt to collections actions and potentially settle your debt for less than what you owe.

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Start Now – Settle Back Taxes Owed To The IRS

Let US Tax Shield help you find the tax relief you need to turn your situation around. Rated A+ by the Better Business Bureau, US Tax Shield is comprised of highly skilled tax professionals who are ready to solve virtually any tax problem.

We’ve helped thousands of clients with a wide range of highly effective tax relief services, and we use a proven system that ensures the highest customer satisfaction rate in the industry.

Get a free 15-minute tax consultation and analysis today by calling 877-829-3535.