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You have filed your returns but didn’t have the money to pay what you owed. You may think, “Oh well, I will catch up next year.” Before you know it, you find yourself several years in arrears and suddenly you receive a notice from the IRS which states that you owe three or four times the original amount. This can be very overwhelming, but don’t panic. There are things you can do to fix this.
What Can I Do About It?It’s truly amazing how fast tax penalties and interest add up. If you didn’t have the money to pay your taxes before, it’s probably unlikely that you’ll have the money to pay your taxes and your back taxes now. You’re at a loss for what to do. Often, it seems like you only have a couple of choices. Either you can write a big fat check and pay the full amount, including interest and penalties, or you can just keep ignoring them while the penalties and interest keep piling up. Neither of these scenarios is ideal. So what can you do instead?
Your Best OptionLuckily, LongSchaefer offers tax services to help you get out of a bind with your back taxes. We have several options that will help you resolve them. Here at LongSchaefer, we can give you sound advice on dealing with your back tax issues. With our comprehensive tax services, we can help relieve your current tax issues and help you plan and prepare so you don’t get into similar situations in the future. Every tax situation is unique, so don’t go it alone. Let a tax professional help you navigate through it.