Back Taxes Owed
Have you missed any previous year’s tax filings because you were tied up with your personal or work-related matters? In this case, it may be very well possible that you still owe some taxes to IRS or any other taxing authority. Failing to pay your previous years taxes will accumulate back taxes with IRS.
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Description
Have you missed any previous year’s tax filings because you were tied up with your personal or work-related matters? In this case, it may be very well possible that you still owe some taxes to IRS or any other taxing authority. Failing to pay your previous years taxes will accumulate back taxes with IRS. This could cause serious problems such as:
- Frequently receiving tax assessment letters and notices
- Receive notice of tax liens from respective taxing authorities
- Tax levy
By voluntarily paying your taxes could help you avoid such problems. If you are unable to pay taxes owed in full, IRS offers several methods of payment such as setting up monthly installment payments to settle taxes with a fraction of taxes owed. It is never wise to wait and let the IRS determine your taxes since the IRS may not have sufficient information to determine your taxes correctly. Depending on your financial situation, IRS will always be willing to work with you to settle back taxes owed.
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