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Unpaid Taxes – Resolving The Taxes You Owed
No one can run away from taxes they still owe to the IRS. You can guarantee that if you owe money to the IRS, they will eventually figure it out and begin their official notification process. They will take varied actions to collect money if you do not do anything. Though it may take the IRS a long time to find out an individual’s owed unpaid taxes, individuals need to realize that with the improvements in IRS technology, no one will slip through the cracks and get away without paying their taxes. Individuals will even be caught if they do not file their returns.
Resolve unpaid taxes
To resolve any unpaid taxes that you might owe, first contact the IRS. To learn about the amount of money you owe in unpaid taxes, locate your last IRS notice as it will state the total amount owed as well as if any penalties and interest have been added to the total amount. If you did not receive a notice but filed a return and did not pay, you can contact the IRS directly at 1-800-829-1040. If, for some reason, you never did file returns, you are required to file back taxes. Contact the IRS to get a total amount owed which includes interest and penalties.
Once it has been established as to how much you need to pay the IRS; you need to locate the best course of action to resolve this unpaid tax issue.Your capability to pay, coupled with your current financial situation, will determine what method is favorable for you to settle any tax debts. It is beneficial to seek professional help from a tax expert. They will file any paperwork and assist you in resolving or settling any back taxes owed. The IRS handles numerous cases every year of unpaid back taxes so they try to offer options and settlement methods for everyone to ensure that they will be able to pay back taxes.
General ways to resolve unpaid taxes:
- Hire a tax professional – tax professionals are trained in IRS tax code. They are employed to assist you with your current financial situation and what avenues are best for repaying the IRS. Even though it can be costly to hire a professional, it is a lot more advantageous to hire a tax professional rather than try to deal with the IRS on your own
- Pa- back taxes – the IRS provides several methods individuals can utilize to pay back taxes. Look at your financial situation to find the best way for you to pay back. Once documentation has been received to fill back taxes, you can establish an installment agreement, or if you need you can look for other tax settlement options.
- Settle taxes owed – there are situations where individuals are unable to pay taxes. In these cases there are other forms of settlement that are utilized by the IRS. There is a list of options you have to work along with the IRS to settle the debt. The IRS understands there are different financial situations and have different methods have been created to correspond to many of these different situations. In some instances, the IRS will allow you to forgo paying taxes with the hope that your current financial situation will become more stable and you will be able to pay taxes prior to the expiration of the IRS statute of limitations.