IRS Tax Debt Help – Why You Must File Your Tax Returns

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IRS Tax Debt Help

IRS Tax Debt Help

Most people know the IRS adds penalties and interest to their tax
debt. What they don’t know is that penalties and interest can be
almost 50%. Don’t believe me? That’s because when you hear
“penalties and interest” your mind thinks well how bad can the
interest rate be? The interest rate itself isn’t that awful
although the IRS compounds the interest rate daily at a variable
interest rate. BUT, it’s the penalties that are brutal. In
addition to the interest rate there is a penalty of 5% for not
filing a tax return and that penalty double each month for five
months until in reaches the maximum of 47.5%.

That’s one example of why putting off dealing with the IRS makes
the problem worse.

So here’s a solution to unfiled tax returns.

The first thing you must do is file your tax returns. If you need
assistance preparing your return get help.

What if I can’t pay the taxes?

Even if you can’t pay the taxes right now, at least file the
returns. That’s why you can file a tax return that shows you owe
$20,000 without paying the $20,000, just get the return filed.
That in and of itself can reduce penalties, or keep them from
garnishing wages.

You’ve now bought yourself some time!!

do you have a tax debt problemHow to settle your tax debt problem!

You can find more help at IRS Tax Debt Help

 

About The Author

TK Bradley

tk bradley is a tax relief expert with many years of dealing with the irs and helping taxpayers to understand their rights and to settle their tax debt problems.