You and an Irs Tax Debt: Don’t be Afraid
What happened? You’ve filed your taxes and you’re in trouble. Maybe you filed yourself or you went to one of those companies that file your taxes for your. After finishing everything you find out you owe money!
You recheck your math and deductions once, twice, three times and…you really are in debt to the IRS! It’s understandable that you’re mad as hell or you want to start crying, but the IRS-Hitman has some advice.
Don’t panic…don’t ignore the debt, and do file the return. You can try to put off the debt by requesting an extension; October 15th is the latest you can put it off. This could give you a chance to come up with the money that you owe by then. But you do have to file, and the longer you wait the harder the debt will be to deal with.
Depending on how much you owe, you can try to deal with the IRS on your own, or you can seek professional tax help. The first thing you need to do however is to jump on the problem immediately! Do not wait.
Can I bury my head in the sand? I recommend against this. What happens if you wait? First of all the IRS starts sending you letters telling you how much you owe, and asks that you contact them to setup arrangements.
If you don’t respond to the IRS then…well, things can get real bad real fast for you. The IRS can seize your wages, seize you bank account, or any other accounts you have. They can also put a levy on your home. That’s why taking immediate action is so important.