Avoid a Stunning Debt After Years of Delinquency: 5 Tax Strategies for Keeping Up
- June 17, 2021
- Posted by: BenG-Admin
- Category: IRS, Uncategorized
The problem with delinquent taxes is that they don’t just get bigger and more unmanageable over time. They also affect your credit score, which can have a major impact on future financial decisions you make. If you’re struggling to manage your delinquent taxes, here are five tax strategies for keeping up:
1) Put the money toward what you owe
2) File back returns for years in which you did not file at all
3) Make an installment plan with the IRS if it’s been three years since filing
4) Offer a payment of $5,000 or more before the deadline to avoid penalties
5) Get help from a professional accountant
There are many ways to get out of a delinquent tax situation.
Getting help from a professional accountant could be one of the best decisions you make before it’s too late. A professional can not only help bring your taxes up-to-date, but they might also have connections with other professionals who specialize in helping people with difficult financial situations. The sooner that someone is able to take action against delinquent taxes, the better their chances will be at avoiding penalties and keeping them under control for years to come.
Contact us for your free consultation.