A few happy customers
Whether the reason for filing back taxes is overlooked mail or financial hardships, you don't have to worry. With Tax Resolution Plus, paying back taxes on property, personal, or business income can be managed smoothly and efficiently.
What Are Back Taxes?
Paying back taxes can seem overwhelming, but with a well-organized plan and expert support, it can be manageable and stress-free. At Tax Resolution Plus, our experienced team will walk you through the process, addressing any questions about your back taxes and providing a repayment strategy. We'll also represent you in communications with the IRS, ensuring a smooth resolution.
How much would I qualify for?
Up To $5,000 Per Employee Per Year
Up To $5,000 Per Employee Per Year
Paying Back Taxes: What You Need to Know
Addressing unpaid taxes from previous years promptly is crucial to avoid escalating consequences. Neglecting back taxes can lead to mounting interest, penalties, and even potential legal actions. If you find yourself in this situation, you may wonder:
1. How Do I Know If I Owe Back Taxes?
RS Notices and Letters: The IRS will notify you if they identify discrepancies in your tax filings or if you have unpaid taxes. These notices require immediate attention and must be addressed promptly.
Tax Account Transcript Analysis: Requesting your IRS Tax Account Transcript can provide insight into your payment history and reveal any outstanding tax liabilities.
Tax Debt Collection Actions: The IRS has the authority to take collection actions to recover unpaid taxes. These actions may include placing a tax lien on your property, garnishing your wages, or levying your bank accounts. Addressing back taxes proactively can prevent such consequences and help you find a suitable resolution.
1. How Many Years Can You File Back Taxes?
2. Paying Back Taxeson Property
3. How to Pay Back Taxes?
Full Payment: If you have the financial means, paying back taxes in full is the most straightforward approach to avoid further penalties and interest.
Installment Agreement: If paying the full amount at once is not feasible, you may qualify for an installment agreement. This allows you to pay your tax burden in monthly installments until it is fully paid off.
Offer in Compromise (OIC): In certain circumstances, you may be eligible for an Offer in Compromise agreement with the IRS to settle your tax debt for less than the full amount owed. However, obtaining approval for an OIC is challenging, and presenting a compelling case is crucial.
Seek Professional Help: Dealing with back taxes can be complex and overwhelming. Enlisting the assistance of a tax professional or a tax resolution service like Tax Resolution Plus can provide expert guidance and increase the likelihood of achieving a favorable resolution.
Process for Filing Back Taxes
- Initial Consultation: Our team begins with a detailed consultation to understand your specific tax situation and assess the scope of your back tax filing requirements.
- Gathering Tax Documents: We will assist you in gathering all the necessary tax documents and other income-related records for the relevant tax years.
- Accurate Tax Preparation: Our tax professionals will meticulously prepare your back tax returns, ensuring accurate reporting of income, deductions, and credits.
- Filing Back Taxes: Once the returns are complete, we promptly file them with the IRS to bring you back into compliance.
- Negotiation and Resolution: If you owe back taxes, our skilled negotiators will work with the IRS to find the most suitable resolution, such as an Installment Agreement or Offer in Compromise.
- Ongoing Support: Our team remains available to assist with future tax concerns or questions even after your back taxes are filed and resolved.
Common Misconceptions About Back Taxes
- Myth: Back Taxes Will Disappear After a Certain Time: Some believe their back taxes will disappear after a certain number of years. However, tax debt does not have a statute of limitations. The IRS can pursue back taxes indefinitely until the debt is resolved.
- Myth: I Can't Afford to Pay Back Taxes, So There's No Point in Filing: Failing to file your tax returns can result in even more significant penalties than simply owing back taxes. It's crucial to file your returns, and if you can't afford to pay, explore payment options and negotiate with the IRS.
- Myth: Hiring a Tax Professional Is Expensive and Unnecessary: While some individuals may be hesitant to hire a tax professional due to perceived costs, the benefits of their expertise far outweigh the expense. A tax professional can save you money by minimizing penalties and ensuring you take advantage of applicable deductions and credits.
Tax Resolution Plus: Your Trusted Tax Resolution Partner
Expertise: Our team consists of tax attorneys, enrolled agents, and CPAs with extensive knowledge of the US tax system. We deeply understand tax laws and IRS procedures, allowing us to craft personalized solutions for your situation.
Negotiation Skills: We are skilled negotiators capable of engaging with the IRS on your behalf to settle tax debts, establish installment agreements, or explore other resolution options.
Comprehensive Solutions: Whether you're an individual or a property owner facing tax challenges, we offer various services to address various tax issues, including paying back taxes on property, tax liens, wage garnishments, and more.
Ethical Practices: We prioritize ethical practices and maintain confidentiality with your financial information.
The Consequences of Ignoring Back Taxes
Penalties and Interest: The IRS imposes both penalties and interest on unpaid taxes. The failure-to-file penalty can be as much as 5% of the unpaid monthly taxes, while the failure-to-pay penalty can be 0.5% monthly. Additionally, interest accrues daily on the outstanding balance, compounding the debt over time.
Tax Liens and Levies: The IRS can impose a tax lien on your property if you owe back taxes and do not resolve the matter. A tax lien is a legal claim that grants the IRS the right to your assets as security for the tax debt. Furthermore, the IRS can also issue levies, which allow them to seize your bank accounts, wages, and other assets to satisfy the tax debt.
Damage to Credit Score: A tax lien can significantly impact your credit score, making it challenging to secure loans or credit in the future. A lower credit score can also result in higher interest rates and reduced financial opportunities.
Legal Action: In extreme cases, the IRS may pursue legal action against taxpayers with substantial back tax debt. This can result in asset seizures, wage garnishments, and other legal ramifications.
Achieve Financial Freedom - Your Path to Tax Relief Begins Here!
Don't let back taxes hold you back from realizing your dreams and aspirations. Our experts are ready to provide a complimentary consultation, assess your tax situation, and map out a clear path to resolution. Empower yourself with the support of Tax Resolution Plus. Together, we will unlock the doors to financial freedom!