Everything You Wanted To Know About State & IRS Taxes
The Iowa Department of Revenue has taken note of the huge number of taxpayers who have had a difficult time paying on back taxes and keeping up with their financial obligations. It’s easy to make a mistake when filing for yourself, or to become overwhelmed with unpaid taxes. The worst thing you can do is to ignore the IRS. They have the power to bypass traditional collection methods, and to take aggressive steps to recover monies owed.
Educate yourself on your repayment options and take steps to contact your local IRS office to learn more about what you can do.
The IRS doesn’t have to abide by regular legal collection procedures. They can place a tax lien against your property, freeze both your bank and retirement accounts, and show up at your front door with an order to take immediate possession of valuable assets.
Some taxpayers opt for future refund offsets, or wage garnishment to pay off the IRS without completely destroying their financial standing. Regardless of the solution, you will have to pay the IRS back. There are ways to deal with tax debt that enable you to whittle the amount owed down to a more manageable number.
Reach out to your IA taxpayer advocate or personal accountant for information about your options. This is a neutral third party who’s there to guide you and help you to protect yourself against aggressive collection techniques.
An offer and compromise can allow you to settle with the IRS with one income-based payment or a short payment plan. Innocent spouse relief is also an option when only one partner is responsible for tax debt. If you’re still feeling overwhelmed, consider contacting a professional tax relief company for additional help.
