Do you owe previous years taxes? Here are some simple facts for filing back taxes. Each year most people file their individual tax returns or pay all their back taxes by April 15th. First of all, if you have not filed your return(s) you will have additional interest and penalties to pay. However, if you owe back taxes and need help, an Enrolled Agent or Certified Public Accountant (CPA) can assist you. Here are some steps you can take to help you pay and file your back taxes.
5 Helpful Tips for Filing and Paying Back Taxes
- Collect all of your documents together. If you are missing any copies of previous tax returns simply ask the IRS for copies, it is free.
- Select a Tax professional. If you feel overwhelmed by the back taxes or unsure how to proceed, look for a professional that has the knowledge and experience to help you handle involved tax issues. It is recommended to search for an Enrolled Agent or a Certified Public Accountant. They will have the background work experience in negotiating a wide range of tax settlement options with the IRS.
- Keep in mind the IRS can be very relentless in collecting owed debts. The Internal Revenue Service can resort to wage garnishments, tax liens, bank account levies, and other approaches to settle back taxes. It is important to be informed on the statute of limitations for your refunds, debt collections, and IRS audits.
- Promptly send your back taxes to the IRS. Even if you are not able to pay your back taxes immediately to IRS, you have other tax settlement options to stop a tax lien, levy, repossession, or wage garnishment. Keep in mind that the IRS has different tax settlement options, such as an offer in comprise or installment plan, which can help you pay your back taxes over a long period of time. You should file late tax returns on paper, make sure that you are mailing them to the correct Internal Revenue Service, and be sure to send them via certified mail. Keeping good records is also important. Another option is for you to take the tax return in person your local IRS office.
- Prepare for your upcoming tax plans. If you owe more in back taxes than you can afford to pay or if you are self-employed, an Enrolled Agent or CPA can work with you on your tax situation.
If you have tax debt you are unable to pay or any other questions our tax settlement professionals are happy to discuss you’re tax resolutions free of charge. For more information about our services, visit us today at www.professionaltaxresolution.com. With over 16 years in the business of resolving tax debt, we have a thorough understanding of tax law together with the experience to know which settlement option will be the best fit for your specific set of circumstances.
For more information about our tax debt resolution services visit us at www.professionaltaxresolution.com. Contact us by phone at 877-889-6527 to receive a free, no obligation consultation.
