Facing the reality of back taxes can be a daunting experience, whether it’s for personal unpaid taxes or those resulting from payroll, but it’s never too late to file your back tax returns. For many people, their first notice of back taxes is when a levy hits their paycheck, bank account, or both. Others receive correspondence from a State or IRS auditor, claiming that they owe thousands of dollars – together with substantial penalties and interest – for past tax returns. Some fail when filing back taxes perhaps believing that they are not required to file, only to find that the IRS has filed their returns for them. Faced with mounds of IRS correspondence, some people feel too overwhelmed to act, which further compounds their problems.
It is important that those who are experiencing back taxes act as quickly and efficiently as possible. As stated further on, the consequences for not handling a back tax problem can be monumental. If there’s an issue, consulting a tax professional is the tax payer’s best option in ensuring the taxes are handled correctly, and that they don’t accrue any further penalties.
One of the first questions regarding back tax help that an expert will ask is how much is actually owed to the IRS. This information helps to whittle down the options that they will be able to present. Many factors can make one eligible or ineligible for the many different types of back tax help. The programs can differ depending on size of the debt, the taxpayer’s current income, and even the age of the debt. This information comes in useful for back tax help once the tax expert is negotiating on the taxpayer’s behalf.
At Wasvary Tax Services we have multiple years of experience with helping our clients with IRS Back Taxes . Our expertise can help guide you in what can often seem like a totally overwhelming, perhaps even impossible, process.
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