How Back Taxes Work
Your tax returns were filed, but you didn’t have the funds to cover what was due. You will say, “Oh well, next year I’m going to catch up.” You find yourself some years later in debt, and before you know it there is a note from the IRS saying that you owe the original amount three or four times.
For deliberate or accidental purposes, a taxpayer can be behind in paying taxes. Any of these factors include: filing a return and not paying the tax liability; not disclosing all income received during the tax year; and failing to file a tax return for a given tax year.
If taxes remain unpaid after the Internal Revenue Service ( IRS) has issued several notices, a minimum penalty fee, ranging from $100 to $435 depending on the due date, will be assessed in addition to interest on the unpaid sum, which is 0.5 percent every month that the taxpayer is late, up to 25 percent.
How We Can Help
How quick tax fines and interest add up is absolutely impressive. You should write a big fat check and pay the entire sum, plus interest and fines, and you have an option. If that’s impossible, you can contact us and save yourself from debt, or you can just keep ignoring it while the penalties and interest keep piling up.
Luckily, we offer several options when it comes to resolving unpaid taxes. Owe back taxes? Schedule a consultation today and we can create a custom payment plan that works for you.
Not sure which solution is right for you?