Back Taxes Owed? Ed Can Help!
Every year, many Americans are given tax refunds by the Internal Revenue Service (IRS). Some people, however, owe money to the IRS but cannot pay the taxes all at once. Many people think that they can catch up eventually but are wrong. It is this misconception that causes frightening problems.
Unfortunately, life brings unexpected events such as medical problems, costly repairs, legal expenses, or job terminations. When life's unexpected twists and turns cause financial problems for you and your family, you could suddenly find yourself wading in several years' worth of outstanding tax debts, sometimes even three to four times the amount that you were originally responsible for paying. You can only tread water for so long, and before you know it, your back taxes could cause you to sink underwater.
This scenario is all too common, and many individuals find themselves trying to paddle against the overpowering current of debt. If you are struggling with debt due to back taxes that you owe to the IRS, do not worry anymore. As a certified public accountant, I can gladly offer the peace of mind that you deserve!
If you need to resolve unpaid taxes, there are options! It's truly unbelievable how fast penalties and interest can add up on back owed taxes. You can either...
Pay the full amount that you owe, including interest and penalties
You can just keep ignoring the IRS notifications
As time passes, however, more interest and more penalties will continue to build on top of your unresolved debts. Leaving taxes unpaid could create disastrous consequences. Failing to pay back taxes could cause the IRS to issue an IRS lien, which allows the IRS to place a claim on your personal assets including your home, as a security for your tax debts. Should you continue to ignore notifications from the IRS, the IRS may seize your property and sell it to square off the debt that you owe. Unfortunately, IRS seizures often come as a surprise and can leave unprepared taxpayers without a home, a car, or money.