Do You Owe Back Taxes?

Imagine this: you file your tax returns, but you don’t have the money to pay in what you owe, and you think, “I will just catch up next year.” But a few years pass, and you’re still behind on what you owe. One day you receive a notice from the IRS stating that you now owe three times the original amount. What do you do?! If you’ve ever found yourself in this situation, you understand how stressful it can be. The interest and penalties that add up over time can create a scenario where paying off your back taxes feels impossible. You can either continue to ignore the interest and penalties that are piling up, or you can take action and find a solution to resolve your unpaid taxes.

Consequences of Unpaid Back Taxes

Back taxes that are left unpaid for too long may result in action being taken by the IRS. They can seize property, place liens on property, or seize assets. The IRS can also place a federal tax lien to make creditors aware, and this tax lien will remain on a debtor’s credit report for ten years. If taxes continue to remain unpaid, a tax levy can be used to seize the taxpayer’s assets, such as real estate, vehicles, and bank accounts to collect the money owed.

Need Help Paying Unpaid Back Taxes?

Seeking out the assistance of a tax professional will not only alleviate some of the stress that comes with navigating how to pay your back taxes, but a qualified tax specialist can help you come up with a solution to pay your taxes that works within your means.

Get 4Corner On Your Side

Contact 4Corner today for assistance in paying back taxes owed. Call now or fill out our online form to schedule a free consultation.