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Taxes Need to Be Filed Properly
If you fail to file your taxes properly, you could end up owing back taxes. If you’re in Oregon, tax relief programs can help you determine if you qualify for any deductions or assistance.
It’s best to file your taxes on your own rather than leaving it to your spouse to file them for you. If they make a mistake, you’ll have to file for innocent spouse relief in order to not be held responsible. It’s best to have a peace of mind by taking your taxes to be filed on your own.
The IRS Has Different Tools to Use
Don’t make the mistake of thinking that the IRS won’t come after you when you owe them money. They will garnish your paycheck or put a tax lien on your property to get the money that they are owed; they have many tools they can use to get the money they’re owed.
The amount of garnishment to your wages will be dependent on what the IRS deems you are able to pay. Setting up a payment plan ahead of time allows you to avoid wage garnishment or having a lien put on your property, which will stay on your record for years and make your credit score plummet.
The IRS Will Work with You
The IRS understands that people fall into financial distress from time to time. They will work with you to create a reasonable payment plan to pay off the money that you owe to them.
If the amount you owe is high and you can’t afford to pay each month, the IRS may allow you to make an offer in compromise. You have to agree to pay a specific amount of money at one time and the rest will be forgiven. This can help you to pay far less in taxes than you would if you had to pay it outright.