Nothing brings on anxiety faster than knowing that the IRS is trying to chase you down for back taxes owed. Whether it’s your first time failing to file taxes, or you have avoided filing taxes for years, we understand the feelings of hopelessness and intimidation when dealing with the IRS. Although it may seem convenient now, ignoring the problem will only worsen the issue and cause you more problems down the line. There are several consequences you may face when you fail to file your taxes.
Penalties and Interest: Even if you feel you cannot meet your financial tax obligations, it’s important to always file your taxes on time. According to the IRS, “the penalty for filing late is normally 5% of the unpaid taxes for each month or part of a month that a tax return is late.” This is in addition to the penalties and interest that were added because of failure to pay on time.
Unsolicited Mailing Notices: No one wants to receive warning letters from the IRS about their unpaid tax debt but the fact is, the IRS gives you multiple attempts to resolve your tax situation. Usually you have 30 to 60 days to get in contact with them. Even if you don’t have the money to pay, it’s important to get in contact because you face harsher punishments from the IRS after failing to respond.
Tax Lien For Personal Property: When the IRS finally decides to take action, they will file a “lien” against your property. A lien is the IRS’s claim on your property for your failure to satisfy a tax debt. This information follows you everywhere to wage garnishments from your employer, a derogatory credit report, and a loss of personal possessions.
The IRS has created many programs to help you get back on your feet. If you don’t feel you can pay your entire tax debt at once, you can set up an installment plan to make payments at a feasible cost to you. If you feel that you owe an amount that you will never be able to pay back fully, the IRS even may be willing to negotiate an Offer In Compromise to settle your tax debt for less than you owe.
No matter how overwhelming your situation may seem, Superior Tax Relief has a solution for you. With a team of tax experts who have helped people just like you, we can resolve any tax litigation you may have against you. Don’t delay and call Superior Tax Relief today!