How Do I Know If I Owe The Irs
Figuring out how to know if you owe the IRS money can be a difficult first step toward getting a handle on some back taxes you might owe. But even an easy question can become complicated when it comes to the IRS. How do I know if I owe the IRS money? Here are some tips and hints that can help you determine whether you owe money to the IRS. One of the first things to ask yourself is if there is a way to pay off the debt. If you do owe money, but simply cannot afford to pay it or you are in a financial bind, there are options available. You can ask for extensions, for example, or request a payment plan that allows you to set up payments over time, similar to a loan. If you have no way to repay the amount you owe, however, you need to decide whether it is best to work with the IRS to find an agreement. Some debtors decide to fight back and attempt to get the IRS to acknowledge that they owe, so they can be pursued judiciously.
When you are considering how to prove your tax debt, it is essential to remember that you only have until April of the current year to file your tax return. There are no extensions granted after this date. Once April has come and gone, the debt is considered past-due. Thus, it is imperative to figure out how much of the debt must be paid and when, especially if there are interest penalties due. In order to get an idea of how much is due, a tax preparer can provide an analysis using the tax forms you will fill out. Be sure to check for errors in order to make sure you pay nothing more than what is owed. This is the best way to avoid underestimating the total amount of your tax liability. When you have it all worked out, you can then contact the IRS with your completed forms.
How Do I Know If I Owe The Irs and getting help
There are a number of different options available to you when you are dealing with federal tax debt. You can pursue an audit by the Internal Revenue Service. This requires a lot of paperwork from you. In the event that you win the audit, you could be required to reimburse the taxpayer and possibly be faced with criminal prosecution. The other option available to you is to seek the services of a tax resolution specialist. A tax resolution specialist is familiar with the laws and regulations regarding taxes, which can be very confusing. Furthermore, he or she might not have any information about past-due taxes or the amount due. The tax resolution specialist can help you work with the IRS to resolve the debt. This is often preferable to being subjected to criminal prosecution.