When you owe back taxes, it means you have unpaid taxes from previous years. This situation can occur for various reasons, such as missed filing deadlines or underpayment of taxes due. The longer these taxes remain unpaid, the more complicated and burdensome the situation can become.
So, why is owing back taxes a pressing issue? Most essentially, the IRS imposes interest and penalties on unpaid taxes, which can quickly add up, increasing the amount you owe substantially over time. This financial strain can impact your overall financial health and stability.
Are you in need of help with back taxes? Addressing this issue promptly is key. Seeking professional help can provide you with the necessary guidance and support to navigate this complex situation. Tax professionals at Nashville Tax Solutions can offer help filing back taxes, negotiating Installment Agreements, or even settling for less than what's owed if you qualify for programs like the Offer in Compromise.
The first step is to understand your unique situation. During this call, we discuss the specifics of your back tax issues. This conversation helps us to gauge the extent of your tax concerns and start formulating a plan.
Based on our assessment, we develop a strategic plan to tackle your back taxes. This could involve setting up payment plans, negotiating with the IRS for reduced penalties, or exploring other resolution options like an Offer in Compromise, depending on what you qualify for.
After the discovery call, we conduct a thorough assessment of your financial situation. This involves reviewing previous tax returns, current financial statements, and any correspondence from the IRS. This comprehensive evaluation allows us to identify the best course of action for your specific case.
The final step is the resolution of your back tax issues permanently. Once resolved, we don’t just stop there. We provide guidance on how to stay compliant in the future and avoid similar problems. We also offer ongoing support for any further tax-related queries or needs you may have.
With a plan in place, we start the process of resolving your back taxes. This might include filing any unfiled returns, communicating with the IRS on your behalf, and setting up any agreed-upon payment plans or other arrangements.
Christopher Bennett,