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Consequences of not Filing Your Taxes Immediately
By Darrin Mish of Law Offices of Darrin Mish
Many people have heard of the horror stories of those who have dealt with an IRS problem. Unfortunately, no matter how outrageous some stories are, most of them are true in one way or another. The IRS is quite insistent when it decides to collect the money owed to them. The IRS still wants their money whether the money is truly owed or the debt is simply a result of an IRS mistake. Thus, in situations where the taxpayers did nothing wrong, it's their responsibility to protect themselves from IRS problems. Many taxpayers who file their taxes properly and on schedule are not totally safe from IRS errors as well as penalties that result from these mistakes. One of the worst IRS problems that you will have is when the government agency decides to impose a Federal Tax Lien on you. This shows up on your credit record, and you will definitely not obtain loans of any kind. The banks will basically stop talking to you with regards to loan applications. In fact, banks are so stringent of anyone who has a Federal Tax Lien that they won't even allow you to open a new bank account. In this scenario, you will have difficulty paying simple bills such as phone or electric bill. Thinking that IRS problems will just work themselves out is erroneous. You are presented with only two choices in dealing with this issue: pay the money or assert your rights to the IRS. Both options, however, will cost you time and money. As soon as you get a notification from the IRS, it's always in your best interest to immediately take action. Otherwise, they IRS may enforce rigid collection techniques and charge you with interest rates as large as 25%. You will continue being subjected to these consequences until the debt is paid, or until the charges are dismissed. Not only will you want to take action immediately, but you will also want to make sure that you have all of your documents and supporting evidence in order. Doing this will give the IRS an impression that you are prepared to back up all of your claims. If you need assistance or your situation is substantially beyond your experience, it's highly advised that you seek the help of a tax professional. Tax professionals, like tax attorneys or CPAs are a useful resource and they can help you with your IRS problems. The IRS also has more aggressive collection techniques such as wage garnishment. In this procedure, the IRS will place a wage levy on your paycheck. The IRS can take a maximum of 75% from your net pay. How will you be able to live with only 25% of the normal take home pay? Hence, it's very important for you to immediately take action on any IRS problem. The sooner you do this, the sooner you'll be able to set your records straight. |
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