A Plan a Day Keeps the IRS away: Back Taxes

The IRS is considered the most brutal collection agency on the planet – backed by the power of the federal government. No wonder you’re shakin’ in your boots gripping onto those back taxes you owe.

Burying your head in the sand is no way to make these taxes subside. If anything, doing nothing will only make things worse due to penalties and interest.

You’re Risking Having:

  • Your paycheck garnished
  • Your bank account levied
  • The IRS filing a Notice of Federal Tax Lien – making it all but impossible to obtain financing for a car or home.

Now is not the time to panic and hide – we’re going to show you how to take action.

Some of these steps you can do on your own if you’d like, while others will likely require the intervention of an experienced tax professional. If you need help resolving your IRS tax problem, contact us. We help people with IRS problems every day.

Confirm the Amount Owed

The IRS has been known to make mistakes, so the first thing you need to do is confirm you really owe what it says. The agency is far from foolproof. Have us do an IRS transcript analysis to determine the amount the IRS claims you owe.

Seek Out Deductions You May Have Missed

At the very least, you may not owe as much as you think you do, and every dollar you can remove from the bill is one more dollar in your favor. Now is the time to scour your past and current tax returns, looking for deductions and tax credits you might have missed.

Unless you are a seasoned tax expert, you will probably need some professional assistance to make this happen. If you are already working with an enrolled agent, you can ask them to look at your past tax returns. If you are not yet with one, we’re here to save the day. Only a tax resolution expert, who helps people like you for a living, can protect your income and assets as you go through the process.

If you missed a few deductions and tax credits along the way, your enrolled agent can file amended returns on your behalf, lowering the amount of tax debt you owe – and possibly eliminating it altogether.  However, you usually can’t go back more than 3 years to amend returns.

Look for Special Programs You May Qualify For

The bad news is the IRS wants its money and has the power to collect it.

The good news is the tax agency also offers a number of programs tax filers can use to make the repayment process easier. In some cases, the IRS may even be willing to settle for less than the total amount of back taxes you owe.

These programs are not available to everyone, and if you have the resources needed to pay your back taxes, the IRS is unlikely to give you much of a break. However, if your resources are limited, the tax agency may decide that a small amount of tax repayment is better than nothing.

The first step in the process is finding the programs for which you might qualify, and that will probably require the help of an experienced tax resolution expert. CPAs do not have this experience. Negotiating with the IRS is not an easy thing to do, and you may need help to drive the best bargain and reduce your back taxes. In the end, it may be well worth paying a tax relief expert to negotiate on your behalf, especially if you end up with a much lower tax bill.

It is easy to panic when you owe back taxes, but you should not let fear get in your way. The longer you ignore the problem, the worse it is likely to get, and the sooner you act, the better off you, and your finances, will be. There is a solution to every IRS problem.  Let us see what IRS tax debt settlement programs you qualify for today.

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting as well as an Enrolled Agent and a Certified Tax Resolution Specialist.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and ebook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
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738 Colorado Avenue Stuart, FL 34994
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Phone: 772-337-1040
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https://twitter.com/SFSTaxAcct/
https://linkedin.com/company/sfs-tax-problem-solutions
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