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Nebraska Residents Can Find Tax Relief
The long-term predictions of Nebraska’s economic growth show a favorable uptick in business and energy related industries. Unfortunately, many residents are still having a difficult time recovering from the recession and facing the issue of back taxes. Whether you missed the filing deadline or make a mistake in your deductions, you can be facing heavy financial penalties courtesy of the IRS.
When you find yourself in this position, it can be helpful to contact the NE taxpayer advocate nearest to you. It’s also beneficial to educate yourself on the collection process and payment options.
What Happens if You Ignore Your Tax Issues?
Ignoring your tax debt only compounds the problem. When you neglect to contact the IRS, they will attempt to reach you using official correspondence in the form of certified letters. Failing to pay or make arrangements by the due date can result in tax liens, wage garnishment, frozen accounts, and the immediate absorption of your physical assets.
The IRS has the power to bypass legal collection methods and to aggressively take all of your financial resources—including your property. There are steps you can take to stop the collection process and to reduce your debt to a more manageable amount. /
Choosing the Best Approach to Settle Tax Debt
The IRS offers several options for those who are unable to pay their back taxes immediately. Filing an offer in compromise can reduce the amount owed based on the taxpayer’s income. The new amount can be paid as a lump sum, or over an agreed upon amount of time. It’s also possible to seek innocent spouse relief for those who are suffering through the tax debt of their significant others.
Much of this information can be found on the IRS website, along with the forms necessary to start the process. If you’re still struggling with unresolved debt, it can also help to speak to a professional specializing in tax relief.