What to Do if You Owe the IRS in Kentucky
Rural communities in Kentucky have struggled to recover from the recession and trying economic times. Many people are facing tens of thousands of dollars in tax debt and back taxes and aren’t sure of how to approach the problem. The KY Department of Revenue and the IRS have a large number of collection tactics at their disposal that leave taxpayers open to financial ruin. Find Kentucky tax relief.
It’s important to educate yourself and to know how to navigate the complicated repayment options before the IRS is able to initiate the collection process.
How Will the IRS Collect?
The IRS collection process can be long and costly. Because of this, they would much rather collect the back taxes owed as quickly as possible using letters and forms of official correspondence. When this fails, the IRS can file a tax lien, freeze all of your accounts, offset future refunds, utilize wage garnishment, and even repossess your property.
To avoid financial ruin, it’s important to communicate with the IRS and to make any and all scheduled payments in a timely manner. When this isn’t possible, the taxpayer will need to explore other options that will make their debt more manageable.
What Can You do to get Kentucky Tax Relief?
Speaking with an accountant, a taxpayer advocate, or another tax relief professional can help you understand the options that are open to you. An offer in compromise can allow you to pay back a fraction of what’s owed based on your income. Innocent spouse relief is another option for those who may be concerned with paying back debt owed solely by their significant other.
Your financial future doesn’t have to be bleak when you’re struggling with tax debt. Communicate, explore your options, and consult with a professional to plan the best course of action for your current tax issues.