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The Dos and Don’ts of Tax Debt

February 15th

Unpaid taxes are not inherently difficult to resolve. The trouble starts when people don’t know which steps to take or how to go about the process. In general, there are a few things anyone can do to ensure their tax debts are resolved with ease and minimal stress.

The Dos

Whether you already owe the IRS money, or are anticipating owing in the future, there are a few ways to ensure your tax debt liabilities get handled correctly. First, always keep your tax records for a minimum of three years. This includes a copy of your tax return as well as any receipts and itemized deduction documents. If there are questions as to the accuracy of debt liability, keep your records until resolved plus an additional three years. Next, request a review of your tax debt liability. Everyone has the right to have their tax debts assessed for accuracy. You may request to have old tax debts reviewed prior to negotiating a payment plan.

The Don’ts

One of the biggest issues people face when filing their taxes is failing to complete acknowledge their tax debt liability. This is especially a problem when people experience financial trouble. Stay in contact with the IRS. It is important that you maintain an open line of communication about your tax debts.Ignoring tax debts is a poor strategy that will likely lead to IRS penalties and even tax liens. It is important you pay attention to your debts and make efforts to resolve them. Remember that the IRS offers payment assistance plans for anyone experiencing hardships.  If you find dealing with your tax debts to be too much, don’t fight the problem alone. Instead, hire a tax attorney to help you negotiate and resolve your debts.


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