Owing Money to the IRS Can be Nerve Wracking
When you get a notice that you owe back taxes to the IRS, it can be nerve wracking. Many people think that their taxes are filed properly. When mistakes are discovered in New Mexico, the IRS will often contact you by mail to inform you of the issue.
When you get a notice, the first thing you need to do is contact the IRS. If your spouse made a mistake, you can apply for innocent spouse relief so that you don’t have to be held responsible for his or her mistake.
Handle the Back Taxes Quickly
It’s best to tackle the back taxes right away rather than putting them on the back burner. If you wait too long to pay off the taxes, the IRS can put a lien on your home so that if you ever sell it, they get a portion of the profits immediately.
The IRS can also take money from you through a wage garnishment to pay off of the back taxes you owe. In New Mexico, having a chunk of the money taken out by the IRS can make it difficult for you to be able to pay your bills.
Paying Off Your Back Taxes Doesn’t Have to be Difficult
When you owe money to the IRS, they understand that you may not be able to pay for everything at once. They will set up payment plans with. There is also an option to make an offer to the IRS for a lesser amount that you can afford to pay right away. When making an offer in compromise, you need to be sure that you can actually afford to give them the money you offer to the IRS.
If don’t want to deal with a wage garnishment, contact some of the local tax relief programs in New Mexico to see if anyone can help you with your tax issue.