Overcome Financial Hardship with Maryland Tax Relief
Many people underestimate how expensive it can be to live in Maryland. The cost of living is high, which can lead to financial hardship. Getting a notice from the IRS that you owe back taxes can make your situation even more strenuous.
Fortunately, there are many options when it comes to back taxes. You first need to find out why you owe back taxes. If your ex filed taxes for you and made an error without your knowledge, you can file for innocent spouse relief so that you can prove you aren’t responsible for the debt.
Get Started on the Payment Process Right Away
It’s common in Maryland for the IRS to take a tax lien out on the property of people who owe back taxes. This ensures that the IRS gets their money back one way or another.
They can also garnish your wages if you refuse to handle the situation. Maryland has laws in place that restrict how much can be garnished from your paycheck, but it will impact how much you bring home each month.
Be Willing to Get Help if It’s Needed
If you owe a lot of money and have no way to repay it, ask the IRS to work with you to create an agreement where you can pay a lesser amount for the money that you owe, as long as it is paid at one time. You can get a loan to pay the offer in compromise to the IRS, so you don’t have to worry about the repercussions previously mentioned.
There are incentive programs in Maryland to help you decrease the amount that you have to pay. They can help you determine if your taxes are being fairly assessed if there are any deductions you failed to file, and help negotiate with the IRS.