There are several options available to you like Installment Agreements, Hardships and even Offer in Compromises, but you need to find what will work best for you. Doing nothing is not the answer to the IRS as you can get into a financial stress quickly. Get the help you need before the IRS comes knocking on your door.
What are back taxes?
Back taxes are created when you owe the IRS by filing and not paying or when the IRS does a substitue when you have not filed your own return. When you don’t pay your taxes and do nothing the IRS has the right to pursue you for any and all balances owed. Filing is one thing but paying is another. Many don’t and this is a subject most don’t want to to talk about. Be proactive before the IRS collects.
How much do I owe in back taxes?
The IRS will mail letters advising of how much you owe for specific years. To know for certian the entire amount of taxes owed you must have your IRS transcripts. Professional Tax Services can obtain the entire IRS “transcript report” for you. Being proactive is always the best approach.
Can the IRS collect on back taxes?
Yes the IRS can ask for payment or use enforced collections by wage or bank levies. Doing nothing is not good practices. Before that happens get help to stop collection so you don’ts suffer from having your bank account emptied or even wages garnished. Get the stress out of your life and get the IRS out of your life.