When you owe the IRS money, it’s a stressful ordeal, and even downright scary at times. However, being avoidant won’t get you anywhere, and the first step is understanding the severity
1. The Difference Between Debt and Default
According to Smart Asset, one of the biggest mistakes you can make is not filing a return at all. While it may seem easier to avoid the problem and simply not file a return if you owe money from the year before, it actually can make things much worse. It creates problems obtaining a payment plan, and can make it more complicated to pay your debt off.
2. Owing a Large Sum
If you owe the IRS less than $10,000, according to Uncle Phil’s Tax Advice, you can most likely come to an agreement with the IRS individually with guidance from tax experts. Uncle Phil is easily reachable by phone at 855-TAX-TIPS (829-8477), so if you need further advice, contact the experts today! There are also packages that are more in-depth. What type of tax debt help you need is dependent on the complexity of your debt, and also how much you owe.
3. Not Seeking Help Promptly
One of the biggest mistakes you can make when you’re trying to deal with owing money to the IRS is not seeking tax debt help immediately. While it’s always stressful owing an entity like the IRS money, the longer you wait, the more penalties you’ll have to pay. Not only that, but in the long run, it actually causes more stress than simply dealing with it immediately.
If you file your tax return only to find you owe money, or fail to file your tax return on time, it’s not too late to seek help. Whether you owe $20,000 or $200, there are experts out there waiting for your call to help. You simply need to take the first step on the road to solving your tax problems. Connect with us on Facebook to know more about tax advice!
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