Did you owe taxes last year when you filed — but never paid what was due?
Or maybe you have filed this year's returns, but didn't have the money to pay what was owed. You may think, "Oh well — I will catch up next year."
Owing back taxes has a way of snowballing. Whether your taxes due are just from this year or last year — or multiple past years — don't think that you are off the hook because the IRS has not contacted you yet. This could happen anytime and if you leave it to chance, the consequences could be disastrous to your overall financial picture.
Before you know it, you may find yourself several years in arrears and truly unable to pay. When there is suddenly a notice in the mail from the IRS, stating that you owe three or four times the original amount, you may be deeply in danger of worse consequences than interest and fees. In worst-case scenarios, you may ultimately face criminal charges.
It's truly amazing how fast tax penalties and interest add up, but once that past-due notice arrives, you may have a dollar figure that demands resolution. You may still have choices, but time is of the essence.
- You can write a big fat check and pay the full amount, including interest and penalties.
- You can just keep ignoring them while the penalties and interest keep piling up.
- You can get legal help to arrange for a payment plan or an offer in compromise.
A good end to the story will not happen by magic. You must face the situation and take action.
Please contact Allen Schuldenfrei at
Call 410-358-7435 or through the online form for more information about your back tax problems. I serve clients throughout Harford, Howard and Anne Arundel counties.