Don’t let the IRS scare you. Get help. Call Tax Defense Network today!
The easiest way to resolve back taxes is to file your late tax returns. If you are due a refund, just remember that the clock is ticking. You only have three years from the original tax deadline to submit your return and claim your money. To avoid further delays, follow these steps for filing your back taxes:
Dealing with unfiled tax returns and back taxes can be daunting. Since tax regulations vary by year, it is critical that you use the correct information, or you’ll only make matters worse. Enlisting the help of a tax professional, like those at Tax Defense Network, is strongly recommended. Our tax experts have decades of experience in filing late returns and helping taxpayers get back on their feet.
Although there may be legitimate reasons why you owe unpaid taxes, ignoring the issue will not make your tax debt go away. The IRS keeps a list of every taxpayer who is required to file a tax return but fails to do so. It’s similar to the naughty list, but the consequences are far worse than a lump of coal. If you have unfiled tax returns or owe back taxes, you could face the following:
The IRS can hit you with a failure-to-file penalty for any missing tax returns, as well as a failure-to-pay penalty for unpaid taxes. If your return is 60 days or more overdue, the minimum penalty is $135 or 100% of the taxes due (whichever is smaller). For each month your return is unfiled, you will be charged a 5% penalty fee on the tax owed (up to 25%). If you’ve filed, but haven’t paid, the penalty is reduced to .5% per month. The maximum penalty, however, is 25% of your unpaid taxes.
The government can place a tax lien against your property to ensure your tax debt is paid before any other creditors.
If you owe taxes, the IRS can garnish your wages to satisfy the debt.
A hold may be placed on your bank accounts and the funds seized to cover your unpaid taxes.
The IRS can also seize your personal property, such as automobiles, boats, or other items of value, to satisfy your overdue taxes.
Don’t let back taxes ruin your life. Take control by calling Tax Defense Network today. We can help you avoid the costly consequences of ignoring your unpaid tax debt.