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Filing Late and/or Paying Late

Whether paying with a timely filed tax return, or filing late and paying late after receiving a bill from the IRS (and the bill is correct), taxpayers are encouraged to pay the taxes they owe in full.

If taxes are not paid, and no effort is made to pay them, the IRS can ask a taxpayer to take action to pay the taxes, such as selling or mortgaging any assets owned or getting a loan. If effort is still not made to pay the bill, or make other payment arrangements, the IRS could also take more serious enforced collection action, such as levying bank accounts, wages, or other income, or taking other assets. A Notice of Federal Tax Lien could be filed that may have a detrimental effect on a taxpayer’s credit standing.

Haven’t Filed a Tax Return? Here’s What to Do

It is never too late to file. If you haven’t filed all required returns that are past due now to avoid additional penalties and interest, contact us and we can help you prepare the late tax returns.

How Full Payment of Taxes Saves You Money

Paying your taxes in full ultimately saves you more money. Take action now or you may face additional interest and penalties.

Payment Options – Ways To Make a Payment

There are several different ways to make a payment on your taxes. Payments can be made by credit card, electronic funds transfer, check, money order, cashier’s check, or cash.

Other Ways to Resolve Tax Debt That Could Save You Money

Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be lessened. Based on the circumstances, a taxpayer could qualify for an extension of time to pay, an Installment Agreement, temporary delay, or Offer in Compromise. We can help you settle your debt with the IRS by negotiating your tax debt as well.

What Will Happen If You Don’t File Your Past Due Return?

The IRS will file a substitute return for you, which will not include any additional exemptions or expenses you may be entitled to and may overstate your real tax liability. Once the tax is assessed the IRS will start the collection process, which can include placing a levy on wages or bank accounts or filing a federal tax lien against your property. Even your employer would know if you are delinquent on taxes.

We can help you obtain a fresh start. Also, under certain circumstances we would be able to assist you with lien withdrawal, easier access to payment plans for struggling small businesses, and negotiate a compromise offer with the IRS.

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