Questions about Unfiled Income Tax Returns
Back income taxes result from not filing a return. While it's best to file on time each year, you're better off filing a return late than not at all. Dealing with income taxes is something many taxpayers try to avoid but ignoring your liability can make the situation more challenging. The Internal Revenue Service (IRS) has various options to help those settle tax debt from back taxes and it's fairly common for those who owe to have questions about how to proceed.
The following questions may help you get started in getting your liability resolved:
What happens if I forget to file a federal income tax return?
It's important to still file a return for the tax year in question. Filing may help you avoid serious trouble with the IRS.
How do I determine how much is owed?
Filing back returns will help you in understanding your liability. There are other options to discuss with a tax expert to help you determine how much you owe.
What happens if I can't pay what I owe?
The IRS has multiple options available that will allow you to make payments on your liability.
Is it possible to settle my taxes for less than what is owed?
Qualifying taxpayers may be able to settle with the IRS through different options such as penalty abatement and offer in compromise to settle at a reduced amount.
I received a notice for intent to levy from the IRS. What should I do?
When no attempt is made on your part to pay taxes, the IRS will at placing a levy on your wages or bank account. Contact the IRS and learn about options available to keep the levy from proceeding.
Should I handle back taxes on my own or with a professional?
This is a personal choice but even if you decide to file back taxes on your own, a tax attorney or tax expert can answer questions or concerns about your situation.
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