There are so many ways a taxpayer can come to owe back taxes without intending to. If you earn regular W-2 wages and have the correct amount withheld, it may not happen to you, but anybody else with any other kind of income can end up in a position where they owe back taxes. This can become a huge problem for a taxpayer.
We have seen that the worst part for a person who may owe back taxes is that the anticipation of terrible things happening to them. For example, if you owe back taxes, you never quite know if your paycheck will be for the full amount. Also, you may get scared every time you go to use your debit card, because you don’t know if the IRS or state has come in and frozen the funds in your account.
The IRS will usually agree to cease collection efforts while negotiations are taking place. That’s why it is so important to have a plan for the settlement of your taxes. There are twelve different ways that you can settle what you owe. Back taxes can, in some cases, be written off by the IRS for less than what you owe, but you have to qualify for one of the settlement programs that the IRS is currently considering. Don’t go it alone, it’s best to have a professional helping you if you owe back taxes.
If you owe back taxes, don’t wait any longer. Call Kansas City Tax Mediation today and schedule a free, face to face consultation and we’ll get it taken care of for you. Kansas City Tax Mediation: Let’s get through this together.