What To Do If You Owe Back Taxes
There is nothing scarier than going to the mail box and finding a letter from the I.R.S. If you owe back taxes that you can't pay, you should know that the I.R.S. offers several tax relief options that can help you settle your tax debt. Here is what you need to know step by step:
Find Out How Much You Owe
The first step in resolving your tax issues is to find out the total amount that you owe. You can set up an online account at irs.gov to view your tax account and what the I.R.S. claims that you owe. Or your tax professional can pull these records with a valid Power of Attorney on file.
Get Into Compliance
If you have returns that need to be filed, you will want to get those taken care of as soon as possible. If you are due refunds on those returns , you may be able to apply the refund to the back tax debt. If you have a balance due on the unfiled returns, you will want to know those amounts since they can have an impact on your tax resoultion options.
Know Your Options
There are several options that may be available to you to handle your back tax debt depending on your situation. These include:
Get Help From A Tax Resolution Professional
The tax resolution specialists at Bottom Line Tax Solutions can help determine what relief options you qualify for. Contact our office today to set up a Free Tax Debt Analysis.