What Happens If You Don’t Pay Your Income Taxes?
If you don’t pay your income tax debt on time there is no tax relief until you resolve your tax debt. The longer you wait to resolve your tax debt, the more difficult and costly it will be. It is important to understand the IRS enforcement, collection process as well as your tax relief options for setting up a payment arrangement. If your taxes are not fully paid when you file your tax return, the IRS will send you a notice for the amount owed. An IRS notice is the beginning of the collection process.
IRS Tax Relief Options If You Cannot Pay Your Taxes
Although the IRS always prefers that you find a way to pay your taxes in full, you may be unable to. Depending on your situation, you may be able to request an installment agreement, an offer in compromise (IRS settlement), a temporary delay of collection, or an extension of time to pay.
Tax Relief - What to Do If You Get a Notice from the IRS
Every year, the IRS sends millions of notices to taxpayers for various reasons. Depending on the notice, you may have a range of tax relief options. If you receive an IRS notice, you should first determine the nature of the inquiry and the stated deadline for a response.
Information About Online Payment Agreements
Before you enter into an IRS Installment Agreement, do yourself a huge favor, call Flat Fee Tax Service, Inc. first. Don't pay more than you should.
If you owe more taxes than you can afford to pay right now, the IRS offers payment arrangement options. However, it is important to understand that regardless of your reason for paying taxes late, the IRS will charge interest and penalties for late tax payments. If you owe back taxes and you cannot find another solution (such as a bank loan or other financing alternative), you may be able to apply for an Online Payment Agreement’ with the IRS.
The Ultimate Tax Relief Program - Settle Tax Debt With an Offer in Compromise
An Offer in Compromise (OIC) may be your best tax relief option if you cannot pay your income tax in full, or if paying the full amount would cause you financial hardship. With an Offer in Compromise, an eligible taxpayer can submit a settlement offer to the IRS and request to settle their tax debt for less than the total amount due. But keep in mind, although an Offer in Compromise is a great tax relief program, it is not for everyone and it comes with eligibility requirements. A general rule of thumb: If you have the assets to pay your your income tax debt, you are not eligible. If you don't, you are.
Tax Relief from a IRS Wage Garnishment is the Tax Lawyers at Flat Fee Tax Service, Inc. Stopping an IRS Wage Garnishment in One Day. That's Real Tax Relief.
If you owe back taxes, the IRS may garnish your wages and/or bank account. The IRS may levy (i.e. seize and sell) any type of real or personal property that you own or have an interest in. This can include your home, car, bank accounts, wages, retirement funds, rental income, and more. It is important to understand how a tax levy can affect you, as well as your options for releasing a levy and resolving your tax debt.