By financen | March 1, 2009 - 3:26 am - Posted in Tax

Many people face troubles in paying their IRS debts and the back taxes. If you have not been paying your taxes for a long time, the government can take your home, car or many other valuable things to recover the previous dues. If you are facing similar problems, it is time that you should look for some solutions now before it gets too late. You will find many sources on the internet that can help you fight against these problems or help to settle it.

If you have not been able to pay your tax debts for a long time, don’t wait for something bad to happen. Your best bet is to contact the IRS and explain them about your current financial situation and why you had not been able to make payments in the past. This will make things a lot easier on your behalf. You may apply for a penalty abatement which will eliminate all your previous penalties.

If you are applying for a penalty abatement, make sure that you show a very genuine reason of not been able to pay taxes. This can be in relation to death, illness, receiving false tax information, or anything that has been a financial detriment for you. Not paying the taxes in time has fatal consequences like your work payment will decrease and you will be deprived of any social security or disability benefits. More importantly, the tax debt is not going to go away by not paying it. The longer you postpone filing for your taxes, the tax payment is going to get bigger and added with penalties over the period of time. So make sure that you get rid of this federal/state debt as soon as possible.

This entry was posted on Sunday, March 1st, 2009 at 3:26 am and is filed under Tax. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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