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Owing Back Taxes Will Not Put You in Financial Ruin
Many people assume that owing back taxes is a huge ordeal that will haunt them for the rest of their life. That’s not really true, though—back taxes can be owed for many reasons such as improper filing, forgetting to claim something that you should have, or simply requesting a deduction that you didn’t qualify for.
If you allowed a spouse to file your taxes in Oklahoma for you, you may be able to get innocent spouse relief since you didn’t make the mistake. You may still be responsible for a portion of the taxes that are owed, but it will more than likely be much less than the initial amount.
Paying Off Back Taxes May be Easier than You Think
If you want to pay off your tax debt so that it’s no longer hanging over your head, consider applying for an offer in compromise. If you can prove to the IRS that you are struggling financially, they may allow you to pay a lesser amount for the taxes that you owe. You cannot set up a payment plan for the lesser amount though.
There are also times when the IRS will set up a payment plan for you if you owe a lot of money and have the means to pay a set amount each month. There are also tax relief programs in Oklahoma that can help you find possible deductions you can apply for or financial assistance to tackle the amount that you owe.
Don’t be Lackadaisical When It Comes to Payment
It’s best to avoid putting off the payment of your back taxes because it can lead to unnecessary issues for you in the future. The IRS has the ability to take a lien out of your home if you don’t pay your back taxes in a reasonable amount of time. When a tax lien is put against your credit it stays there for quite a long time and can impact your ability to get loans in the future.