Why it is Important to Pay Back Taxes

Back taxes refer to the taxes a person owes for a previous year or a previous tax period. This situation occurs when a person owes taxes but fails to pay them on or before the due date. Back taxes can also occur when a person underpays his or her taxes. This can happen if the person intentionally or unintentionally fails to file taxable income. It is also important to note that the term back tax is usually in reference to the taxes owed to the Internal Revenue Services, though taxes can be owed to state or local tax agency.

The tax agency has the right to ask for immediate payment of the back taxes and may even impose stiff fines, interest on the amount owed and penalties. Failing to pay back taxes could result in criminal prosecution. Hence, it is important to file back taxes as soon as possible. The filing should also be accurate. This help to reduce the fines and penalties imposed by the tax agency.

Most people fail to pay their taxes because of lack of funds. This is one of the main reasons for understating taxable income or not filing tax returns. While some people skip paying taxes for a year or two, others may skip for several years together. This is not all prudent. In fact, it is risky. Even if you do not have the funds to clear your taxes, you should file your returns.

If you stop paying your taxes, sooner or later the IRS will come knocking at your doorsteps. Ignoring the IRS will get you into a bigger mess. Rather than paying steep fines and penalties or risk criminal prosecution, you should immediately consult a qualified and reputable tax professional, who will be able to evaluate your situation and come up with a strategy to deal with the IRS. The tax professional will also negotiate with the Internal Revenue Service on your behalf and try to reduce the penalties and fines levied. 

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Fix The Present For a Better Future

Tax time should not be something that you should dread. It is just another fact of life. But if you have gotten into back tax troubles, that time of year can become a nightmare. You should not have to worry about the penalties if you owe back taxes. There are many ways in which trouble can happen if you do not take care of the problem.

If you ignore the back taxes that you owe, the problem can only get worse. It will not get better. It may seem at first like it is no big deal but it is a very big deal that can spell disaster. This is not something that anyone wants.

Ignoring taxes and the back taxes you owe, over time can only compound your problems. Not dealing with it can deeply affect your credit score, which could haunt you for years to come. A ruined credit score can take years to overcome which can create its own set of difficulties, especially if you need to make a big purchase such as a home or a car. Ignoring back taxes is not worth ruining your credit score.
The IRS will penalize you financially for the back taxes you may owe. They do not see this as an interest free loan, it is money that is theirs and they will get their money, plus any other fees they tack on as a result of them not being paid on time. So by ignoring back taxes, it can cost much more than the initial amount. Don't waste your hard earned money by throwing it away having to pay in excess to the IRS.

Paying taxes is just a part of life. So act now and get your back tax problem taken care of. You will feel better knowing that your credit can stay intact while keeping money in your pocket. If you feel like dealing with back taxes is too overwhelming, contact an experienced tax consultant.


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IRS Wage Levy and Bank Levy

There is a difference between an IRS wage levy and a bank levy. A wage levy happens when the IRS takes money directly out of your paycheck. They go through your employer, and they can subtract earnings directly from your paycheck. A bank levy is when the IRS takes money directly out of your bank account. This is a problem if people are out of money and can't pay their tax debts back. They may have a lot of problems with earning money, and it can be difficult for them to pay all their tax debts back. They may have a ton of burdens on top of these issues too.

Tax debt doesn't have to have a court order to be reclaimed. The IRS can go in there with the legal system and take all your money that you owe them.

There are too many folks that don't get the kind of tax debt relief that they need because they don't have an experienced tax consultant helping them. They may run into problems and struggle because they haven't thought through these problems. There needs to be some kind of way that people get the help and relief they need to fix their tax and debt problems. They don't want to have to deal with these problems for the rest of their lives. It is better to get them taken care of as expeditiously as possible. Contact Wall and Associates today and learn more about your options.

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The Dangers of an IRS Wage Levy

An IRS wage levy ,also known as a wage garnishment, is serious business. You need to know a levy could be imposed on you if you owe a debt. You have to know what your employer is going to be doing to your paycheck. A wage levy requires the employer to take out a certain amount of money. It is designed to take a certain amount out of a paycheck. You can find yourself in a very dangerous position if a wage levy is imposed.

The IRS can certainly derail your life if they file a wage levy. They can make your life miserable. They can make you pay them back for every debt that you owe. When the federal government is doing a wage garnishment, they refer to it as an IRS wage levy.

A wage levy can take up to 20% to 60% of earnings. This can be a big setback to most people. Not a lot of people want to deal with this kind of thing in their life. It can make their lives miserable. They may have a ton of problems, and this is only the tip of the iceberg. They don't want to have to deal with problems like this. It's up to you to work with an experienced tax consultant that can help you fix the wage levy problems that you have. It can be downright humiliating to have to deal with a wage levy when you are first starting out in your career.

Contact Wall and Associates for the help you need today.

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The IRS and Leniency

In a rare showing of leniency by the IRS, the agency has made it known that they intend to be a little more forgiving when it comes to liens. Oddly enough, it seems some effective IRS tax help is coming from the agency itself.

Some people have said they are a good step in the right direction, but they are not weighty enough to really help people that are struggling with a tax burden. There are too many people out there that don't realize how important it is for people to pay back their debt. It can be really difficult for people to have to deal with these debt problems, and they can run into a lot of problems if the debt stacks up, and they have no way to pay it back.

It just adds insult to injury to have to have to pay back debt during a recession. People don't want to have to put up with it.

The IRS' recent efforts to be lenient make it easier for people to get by in this tough economy. They won't have to deal with the tough problems that are troubling them during this the toughest recession in this generation. There are a lot of people that are downright scared about what it means to have a tax burden during a recession.

If you're one of the countless people seeking true IRS tax help, contact Wall and Associates today.

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Seeking IRS Tax Help

Because tax preparation can be a complicated process, some tax payers can find themselves having to negotiate debt settlement with the government. Clients needing IRS tax help because of outstanding liens, settlements and garnishments can also find relief through one of our many qualified professionals. The tax professionals at Wall and Associates have decades of collective experience in IRS procedures and rules, and will represent your case to the IRS to your best advantage.

Approaching the IRS on your own to make a settlement offer may seem like a fairly straightforward procedure; however, a lack of knowledge about how to present your financial information could lead to misrepresentation of your funds. Our agents will help spot oversights, such as overestimating property value, and keep your settlement amount within reason. Our commitment is to help you regain your financial footing and get rid of the stress that can come from the debt collection process. The agents at Wall and Associates are known and respected by the IRS and make it point of standing up to any intimidation directed at our clients.

We'll make sure you have an itemized statement of the specifics of your case so you can come up with a satisfactory Offer in Compromise. Our associates have the experience of settling thousands of Offers in Compromise and we know the red flags that may impede the progress of your case. We provide a free business or personal consultation to give you the IRS tax help you need, and above all, we'll follow the law to the fullest to make sure your tax situation is resolved in your best interest.

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