Don’t be Overwhelmed, Find New York Tax Relief
Getting a notification from the IRS that you owe back taxes can be scary. There are many people in New York who think that the government is going to come and take everything away from them right away if they owe back taxes, but that is not the case.
The IRS gives you time to figure out what mistakes were made when filing taxes and opportunities to pay the debt you owe. If it is determined that the mistake was made by your spouse, you may be able to file for innocent spouse relief and be eliminated from having to pay the back taxes at all.
You May Not Have to Pay the Back Taxes in Full
Don’t assume that the amount you see on the notification you were sent is the amount that you have to pay to the IRS. There are New York tax relief incentives in place that can help decrease the amount of back taxes that you have to pay.
The IRS will also take an offer in compromise from individuals who are really strapped for cash. They will agree to allow you to pay a reduced amount toward your back taxes. The amount has to be paid at one time though.
The IRS Will Get the Money Eventually
It’s important to realize that the IRS will get the money that they are owed one way or another if you don’t get into contact with them. They can issue a wage garnishment on your paycheck so that a portion of your check is sent directly to them each month.
They can also issue a tax lien on the properties that you owe so that they can get a portion of the profits you gain when you sell them.