What to Do If You Owe Back Taxes

What to Do If You Owe Back Taxes

Back taxes can exist for a variety of the reasons. Perhaps you just didn't file your tax forms by the original filing deadline, or you were unaware that you owed taxes. Maybe you were given incorrect information by an employer or calculated incorrectly so you underpaid. Or you might have been so overwhelmed by the amount owed, that you just did what many people in your situation do....NOTHING!

Whatever the reason, the fact is that you owe taxes. Regardless of the reason you have back taxes, don't let them keep accumulating. By visiting this page, you've already taken a step towards eliminating your outstanding tax liabilities. Don't turn back now! If you chose to try to file your returns on your own, please take note of a few simple steps to insure that your return is processed correctly once received by the IRS:

-Late returns can't be filed electronically, so you'll have to mail paper copies into the IRS
- If you have multiple return to process, make sure to mail each tax return in a separate envelope. Doing so helps the IRS sort your returns out better
- Make sure to mail USPS Certified Mail, Return Receipt Requested

If the thought of trying to navigate through deductions and deadlines seems overwhelming, that is what the experts at Centsable Accounting do every day! Let us help you whether you have unfiled or incorrectly filed returns.

While it may be tempting to try to forget the taxes you owe, penalties and interest accumulate quickly and can increase your original tax debt by thousands of dollars FAST! Doing nothing to resolve your tax problem simply means carrying the weight of your debt as it increases more and more every day, adding unneeded stress to your life.

In addition to the stress, owing back taxes can cause additional negative and costly consequences including:

- Wage garnishments
- IRS audits
- Penalties
- IRS Levies
- Federal Tax Lien
- Innocent spouse consequences
- Bankruptcy

The professionals at Centsable Accounting, Inc., The Tax Problem Solvers would like the opportunity to assist you with your unfiled returns and discuss how we can help you with any outstanding tax liabilities. Call us today to set up an appointment to find out if you qualify for an Offer in Compromise or Installment Agreement.