Back Tax Returns: If You Owe The IRS You Are Not Alone

Posted on 14. Apr, 2012 by in Help Filing Back Taxes, How to File Back Tax Returns, Need to File Back Tax Returns

I owe the IRS money, what do I do?  If you owe the IRS, the first thing you need to do is take action.  Ignoring the problem of tax debt will not make it go away.  There are tax professionals that can help you every step of the way and guide you through the process of determining if the debt is valid and they can even negotiate with the IRS on your behalf.

Many Americans receive a refund on taxes every year.  Others, however, are not so lucky, and may end up owing money to the IRS.  There are many ways that you can resolve the debt.    If you receive a bill from the IRS, it is important to make sure that the amount the IRS says that you owe is correct.  If it a valid tax bill, it is in your best interests to pay the bill in full including interest and penalties.  If possible, you could take out a loan to pay the bill in full as loan interest and payments will be less than IRS penalties and interest on what you owe.

If you are unable to pay the amount you owe the IRS in full, you may request an Installment Agreement.  This will allow you to make partial payments until all of the taxes are paid in full.  The IRS determines the monthly payment amount based on your financial situation.  There is a fee for filing an Installment Agreement and penalties and interest will continue to accrue on the unpaid balance.

When you owe the IRS, it is important, even if you cannot afford to pay, to continue to file your returns on time.  If you can, pay some of the amount owed.  Staying on top of filing and eliminating as much of the debt as you can will help you avoid mounting interest and penalties.   You can file a request for an extension on the tax deadline, if needed.

Owing the IRS money can cause financial hardship and can be stressful.  There are options and you are not alone with the burden.  Seek professional help from a tax attorney today  and be on your way to settling what you owe the IRS.

We are committed to helping you with your back tax returns.  Our experienced team of CPAs and tax professionals know how to deal with IRS tax issues.  We will work on your behalf to settle your tax problem in your favor.

Your tax problem will certainly not go away on it’s own.  Call us now at 1-888-570-1033 for a FREE consultation.

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