Nobody wants to get a letter from the IRS saying you are late on filing your tax returns, especially if you may have a past-due balance. It can be stressful and even terrifying to see that notice in the mail, but it is important to remember that not only do you have options, but you are not alone.
Thousands of people just like you get these notices every year, and for the most part, you will only be charged what you owe, plus some penalties. There are also steps you can take to reduce your financial burden.
Whether you’ve received an initial CP 501 reminder of balance due, a CP-297 Final Notice of Intent to Levy, or any other notice, it is never too early to take the steps to get right with the agency and get your financial feet under you once more. That is where Instant Tax Solutions comes into the picture.
For many years, our experienced Portland tax relief attorneys have stood up for the rights of people like you. We can get you on a financial plan that will get you solvent again and even help to represent you with the IRS.
If you are ready to get active and take control of your finances once more, we are ready to help. Get in touch with us today at (888) 363-8958 to schedule a free, no-obligation consultation and case review.
Get Portland Filing Back Tax Return Help
The IRS expects everyone to file a tax return, with very few exceptions. When you don’t, you could face penalties for failure to file, which include interest that will accrue periodically until the form is filed or the delinquency period expires.
Not only is filing a return required by the IRS, even after the due date, but you may also actually benefit from doing so.
Many people do not realize that you have three years after missing a filing deadline to get caught up. The IRS can take collections actions during this time, of course, ranging from fees, penalties, and interest all the way up to property seizure and levies, but you do have the time to get things settled.
When you do file, however, you may be able to correct errors on prior returns and even errors that the IRS makes when they submit their own assessment of what you owe. In some cases, you may be able to wipe your back debt clean or even turn it into a refund.
The key factor is acting quickly and decisively. The longer you wait to act, the higher your penalties will become, and the greater the chance of more severe collection activities.
The good news is that you can work towards getting those penalties reduced and even eliminated. There are also further actions you could take to help resolve your back tax debt.
Doing so successfully, though, can require experienced guidance. At Instant Tax Solutions, we have over twenty years of experience helping people file back tax returns to improve their position with the IRS.
Our tax experts can dig deep into your finances, sometimes uncovering deductions and credits you may have missed and looking for errors the IRS commonly makes. We will determine how much you should owe — as opposed to what the agency says you owe.
From there, we can take many steps towards getting your taxes squared away, from getting penalties removed to filing amended tax returns and beyond. We can then help you to make a plan of action to get caught up on your payments and improve your finances moving forward.
We have only one mission, and that is to help people like you. Let us work as a partner in your financial independence, get you free from the burden of IRS back taxes, and provide you the relief and peace of mind that goes with financial solvency.
What to Do When You Have Portland IRS Delinquent Taxes
For the most part, everyone is expected to file their federal and state taxes on Tax Day every year — on or very close to April 15. A few exceptions exist: U.S. military members stationed overseas or those who have suffered a natural disaster, for example, may be granted exceptions.
In addition, those who are self-employed must also pay quarterly estimated taxes, though they still also have to file a return on Tax Day.
If you miss your filing deadline, you automatically become subject to late filing penalties and fees unless you are owed a refund or have a zero balance. You will, however, lose out on said refund if you fail to file.
You may also lose your right to deductions and credits on next year’s return. For this reason alone, it’s a good idea to file in a timely fashion.
If you cannot pay your taxes on time, the IRS offers options so long as you actually file. These include:
- Paying within ten days
- Short-term payment plans ranging from 11 days to 120 days
- Long-term installment agreements.
Assuming that you miss your filing date, there are two major steps you should take right away.
First, get your return filed as soon as possible. Second, take steps to remediate the penalties, fines, and back taxes you may owe.
File Past Due Returns
You have up to three years to file a delinquent tax return. It is, however, always a good idea to take action sooner rather than later.
If you need help preparing your return or you are afraid that you cannot pay the taxes when you file, Instant Tax Solutions is here to help. We can go over your finances with you, make a financial plan, and help you stick with it to escape the burden of being underwater on your taxes.
Seek IRS Back Tax Returns Remediation
If you owe back taxes, it can feel like a trap. Fortunately, there are options for remediation that you can take.
You should look at your options and take steps quickly to reduce your financial burden. The longer you wait, the harder it will be to significantly reduce the back taxes you owe.
Still, even if you are a couple of years behind on taxes, you should immediately call Instant Tax Solutions. Even if you are two or more years behind on your taxes, we may still be able to offer you options.
What Options Do I Have for Paying Back Taxes?
Several options exist to allow you to get right with your back tax burden. These include:
- Offer in compromise
- Filing amended returns
- Payment Plans
- Penalty Abatement
- Currently Not Collectible
Offer in Compromise
An offer in compromise with your taxes is a bit like a short sale on an underwater house. You make an offer to the IRS to settle your debt for a lower sum, and they choose to accept the lower amount as payment in full.
This is a tricky prospect, as you must fit specific qualifications, and the IRS must agree to your offer. You must also follow the requirements of your agreement to the letter, but it can still be a way to reduce the amount of money you owe, sometimes significantly.
File Amended Tax Returns
Filing an amended tax return up to three years after the original was due (or even after an original was filed) can be a way to lower your estimated taxes. When the IRS does its own assessments, they do not look for deductions or credits.
When you work with Instant Tax Solutions, on the other hand, we can sometimes find deductions or credits you did not know you could take. This can lead to a reduction, even elimination, of your tax debt.
Seek Payment Plans to Settle IRS Back Tax Returns
If your IRS back tax returns are significant enough, you may be able to seek an installment agreement with the IRS. Such agreements can be short-term or long-term and can even be managed online.
Know, however, that your interest and penalties can continue to accrue while you work on your payment plan. For this reason, payment plans are sometimes accompanied by penalty abatement.
Penalty Abatement
Penalty abatement is a process by which you convince the IRS to eliminate the late fees and penalties they charge. You cannot just eliminate interest — you must seek to eliminate the fees and penalties. The interest, then, goes away along with the original charges.
Currently Not Collectible
“Currently not collectible” status is not a means by which you can lower or get rid of your tax burden. It means that you prove to the IRS that you simply do not have the resources to pay right now.
When they accept your explanation, they will temporarily stop collections efforts like levies and property seizure to give you some breathing room to work out your finances. This gives you the chance to work with ITS to make a plan.
Why Should I File Past Due Returns?
You should always file past-due returns, even if the IRS has already done an assessment. This is because your returns will almost always be quite different than the assessment performed by the agency.
The IRS makes mistakes; they are likely to neglect to give you proper credits and deductions, and they can generally estimate your taxes as being higher than they would be had you done an assessment yourself. Filing your own returns lets you correct these mistakes and pay only what you really owe.
At Instant Tax Solutions, we excel at helping you review your finances and find those credits, deductions, and corrections you need.
Instant Tax Solutions Offers Filing Back Tax Return Help
If you are facing collections activities by the IRS, you are not alone, nor is it the end of the road for you. Options are available, and help is here.
All it takes is a simple phone call or email. Instant Tax Solutions has many years of experience and expertise with the tax system.
We can deal with the IRS on your behalf, work with you to get your finances in order, and help you eliminate fees, penalties, liens, levies, and the burden of paying back taxes. Just call us at (888) 363-8958 or contact us online today for a free case review.
