Back Taxes Owed

Back Taxes Owed

You have filed your returns but didn't have the money to pay what was owed. You may think, "Oh well---I will catch up next year." Before you know it you find yourself several years in arrears and suddenly there is a notice from the IRS, stating that you owe three or four times the original amount.

It's truly amazing how fast tax penalties and interest add up. Now you have a choice, you can write a big fat check and pay the full amount, including interest and penalties or you can consult with a profesional whom will ensure that you pay the lowest amount required.

Luckily, the IRS let's you pay using the installment method. This is a payment plan that does not stop interest and penalties from continuing but does keep them from seizing your assets. The other option available for some is an Offer in Compromise.

Please contact us for more infromation.

Back taxes?

Back taxes are any taxes that you owe that remain unpaid after the year that they are due. Basically, if you let an entire filing year go by without paying the IRS what you owe, it's considered “back taxes.” ... If you don't pay the IRS on time, they don't wait to act.