Help Resolving IRS Back Taxes

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Finding the appropriate method or professional help is important when it comes to resolving back taxes.
Back taxes should be resolved as quickly as possible to prevent any future penalties, interest, tax liens and tax levies.
As more time goes on, IRS actions become harsher with each passing week.
Luckily, today there are many options out there to resolve your tax debts, even for those who have no means of paying at all.
Depending on your unique financial situation and tax problem will determine what method is best for you.
Below are three steps you should take when you owe back taxes.
  1. Check your return that you filed and make sure you didn't make any mistakes and miss any deductions.
    If you did make a mistake and missed a large deduction you can submit an amended tax return and then receive your new tax amount owed.
    If you don't have any missed deductions or you did have missed deductions and you still cannot pay the taxes owed move on to number two.
  2. See if you can settle the tax debt on your own.
    Typically it is fairly easy to setup an arrangement with the IRS if you owe less than $10,000.
    The agreement the IRS will want you to set up is an installment agreement.
    With this type of agreement you pay back the taxes owed over a specified period in the form of monthly payments.
    There are other forms of settlements available from the IRS, but they are much more difficult to obtain and it is highly suggested that you use a tax professional when trying to do those kinds of filings.
    If you owe more than $10,000 or you still cannot afford to make the payments with an installment agreement then move on to number 3.
  3. When you over $10,000 in tax debt, it is highly advisable that you hire a tax professional to help with your tax problem.
    There are three types of tax professionals, CPA, Tax Attorney, and an enrolled agent.
    All of these professionals do similar work, but some may be better for different types of situations.
    When hiring a tax professional you should always talk to more than one.
    The majority of companies will offer a free consultation.
    They will give you your likely outcome and a price estimate for their work.
When it comes to dealing with IRS back taxes, you will want to resolve them as quickly as possible.
Everyone has heard the horror stories of people losing homes, losing assets, getting wages garnished etc.
The IRS has more powerful collection mechanisms than any other collection agency in the United States.
The good news is that they do give you fair notice and they are willing to work with you.
Ignoring the IRS can be a very bad mistake, so resolve back taxes as soon as you can.
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