What To Do If You Owe Back Taxes?
Do you owe taxes from previous years? Do not let them accumulate. Remember that penalties and interests keep accumulating, and can add thousands of dollars. When you owe back taxes, it can cause:
- IRS audit, levy, and a tax lien.
- Penalties and wage garnishment.
Therefore, it is IMPORTANT that you get those late return(s) filed on the earliest time. When you file LATE RETURN, then
- File them on paper. You cannot file electronically.
- Send to IRS filing center by US Postal Certified mail. Keep the RECEIPT and the tracking number.
- If you have RETURN’s for more than one year to file, then send each RETURN in a separate envelope. Mail each separately by Certified mail.
Do seek the help of a tax professional who can assist you in reducing, if possible, any interest and penalties accumulated.