Owe Back Taxes? You Can Get Relief!
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Owing back taxes can be very stressful and intimidating. It's not like owing a bank or credit card companies, when you owe back taxes you owe the government. That thought all by itself can be overwhelming. Thankfully, there is help available if you qualify!
Many Americans have turned to bankruptcy due to the economic downturn. Typically taxes have always been exempt when filing bankruptcy, but not anymore. You can now have some or all of your back tax debt discharged in your bankruptcy if you meet the following criteria:
1. The due date for the filing is at least three years ago.
2. You actually did file the return as least two years ago.
3. The assessment is at least 240 days old.
4. Your tax return was 100% accurate and not fraudulent.
5. You are not guilty of any type of tax evasion.
If you meet the above criteria some or all of your back tax debt could be discharged in a bankruptcy.
If you don't meet the above criteria and/or do not want to file bankruptcy but do have back tax debt you can still get help.
You will need to contact a reputable tax professional, do your homework and make sure whomever you hire is qualified and experienced!
The tax professional can contact the IRS on your behalf and can negotiate your debt. If you are currently unable to pay your back taxes in full and can prove why, for example a job loss, the tax professional can submit this to the IRS. You should come up with an amount that you can pay and be able to prove that you do have the ability to pay that amount prior to contacting the IRS. The tax professional can then offer this lowered amount and work out an agreement with the IRS. This could save you thousands of dollars! The key here is to remember that you must be able to prove your current financial hardship as well as proving how you will pay the new negotiated amount.
You do need to act now! Back taxes are subject to interest and fines that can add up to very large amounts. The longer you wait to address the issue the deeper in debt you will be! Whether you decide to pursue bankruptcy or choose to try and negotiate your back tax debt with the IRS, the longer you wait the more you will owe!
by: Tiffany Nelson
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