If you owe back taxes to the IRS or State, don’t delay and take action immediately. The IRS and State will take progressively aggressive steps to collect the amount you owe. First, if you miss the deadline to pay, IRS will add penalties and interest on the amount you owe, much like banks do when you miss your credit card payment. It won’t take long before the penalties and interest will add up to 25% of the total amount you owe, or more, depending on the type of the penalty assessed. The amount of interest charged may also vary.
If you fail to pay, IRS will next send you the collection notices- – announcing that they intend to garnish your wages, put a levy on your bank account, residences, even the Social Security. Federal tax lien affects your credit report; if you owe more than $10,000 in taxes, it can drop you score by 100 points or more, making it harder for you to obtain a new credit or a loan to pay off the tax debt. The tax lien will remain on your credit report until it is paid in full, possibly further affecting your financial situation.
The longer you wait to take action, the slimmer are your chances of reversing the collection process. You can try to deal with the IRS or State on your own, but for many, hiring a tax attorney is a “no-brainer”. Expert tax relief attorneys at US Tax Shield have over a quarter century of experience in helping taxpayers all over US settle their tax debt with the IRS and State once a for all.
US Tax Shield tax professionals will stop the collection actions immediately, make sure your status is current and legal with the IRS or State by filing any delinquent tax returns you might have; and then determine the best course of action that will bring in the satisfactory tax settlement for your particular situation.
Call us now ta 877-829-3535 to get your FREE 1-minutes consultation and see how US tax Shield can help you turn your tax situation around and get you back on the financial track.