Everything You Wanted To Know About State & IRS Taxes
Tax debt can be both intimidating and terrifying for Nevada citizens who aren’t sure of how to deal with the IRS. The NV Department of Revenue deals primarily with state taxes, and information on the federal level can be found by contacting the local taxpayer advocate or a tax relief professional.
It’s imperative that you communicate with the IRS before they start the collection process and take steps to rectify the issue. There are several payment-plans and options open to those willing to make the appropriate arrangements.
If these are ignored, they may be forced to take more aggressive measures. This can include a notice of a tax lien against your property, the offset of future refunds, wage garnishment, and the possession of physical property—including your bank and retirement accounts.
Even if the amount owed in back taxes seems unattainable, there are ways to reduce the number and to make payment arrangements that will work for you. Research your options and find a better way to approach the debt.
The collection process can be postponed or stopped by setting up a payment plan and following through with it. When the amount owed is beyond your resources, it’s possible to file an offer in compromise. This allows you to reduce the debt based on your income and current resources, and to make more lenient payment arrangements.
When dealing with a significant other who is the source of the tax debt, you can consider filing for innocent spouse relief. This separates your assets from those of your spouse and allows you access to your portion of the tax refund. Consider speaking to a professional on tax relief for more information.
