Tax season may have come and gone, but there are still plenty of people dealing with tax issues. Many put off submitting their tax returns because they owe too much and can’t pay. Others may be missing important documents needed to complete their returns. Whatever the reason for your current tax dilemma, it’s important to know that tax relief professionals can help you overcome these obstacles and get back on track with the IRS. If you’re wondering if it’s too late to get help for your 2023 tax returns, it’s not.
Now is The Perfect Time to Get Tax Relief Help
It’s been nearly two months since 2023 taxes were due. And believe us, the IRS has not forgotten about you. If you haven’t received a notice yet, expect to see one soon. That doesn’t mean, however, that you should wait for the IRS to start collection actions before you do anything about your late taxes. Now is the perfect time to reach out to a tax relief company, like Tax Defense Network, and explore your options. You could be eligible for an installment agreement, which allows you to pay your taxes over several months or years. If you’re experiencing financial hardship, however, an Offer in Compromise or Currently Not Collectible status may be a better course of action. The important thing is to take action as soon as possible.
Why You Shouldn’t Wait to Seek Tax Relief
Don’t wait to deal with your tax issues. Taking the wait-and-see approach may work when buying a home or car, but it won’t work with the IRS. They have 10 years (sometimes longer) to collect your tax debt. Waiting to deal with your tax troubles will only make matters worse. Tax debt will not disappear on its own and the IRS will take more aggressive action the longer you wait.
Penalties & Fees Are Stacking Up
First of all, you’ll likely get hit with a failure-to-file and failure-to-pay penalty. Combined, this can equal up to 25% of the total taxes you owe. On top of the penalty fees, the IRS will also assess interest on your outstanding balance. At 8% (Q3 2024), that can add up very quickly.
Your Money & Assets Are at Risk, Too!
If you continue to ignore repeated requests for payment, the IRS will take more drastic measures. This may include garnishing your wages, putting a lien on your home, or even levying your bank accounts. And, unlike other creditors, the IRS doesn’t need a court order to take your money. They can also garnish more per paycheck, leaving you with very little to live on. This can impact other financial obligations and cause additional problems. The IRS may also revoke your passport once your tax debt reaches $62,000.
Final Thoughts
Your tax debt won’t magically disappear on its own. It’s important to take steps now to deal with your unfiled returns and unpaid balances. Waiting for the IRS to ramp up its collection actions will only amplify your financial troubles and your tax debt will quickly become overwhelming. To learn more about your tax relief options, call Tax Defense Network at 855-476-6920. We offer a free consultation and can help you find an affordable solution for your tax problems.