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Posts tagged "Back Taxes or Tax Debt"

Settlement may be an option for those with federal tax debts

Many individuals who owe a substantial amount in back taxes are also facing significant financial difficulties, as financial troubles are one of the more common reasons for a person to initially fall into a tax debt. Facing both a large federal tax debt and financial struggles at the same time can be remarkably stressful on a person and can leave them very worried about the future. Such individuals may feel like their financial struggles will make it impossible to address the debt and impossible to avoid the wrath of the Internal Revenue Service.

Understanding non-payment or underpayment penalties

The tax code in the United States is extremely complex. People generally have only the basic understanding that they need to pay taxes, and going through the steps to file a return can be quite stressful, particularly if someone has multiple sources of income and/or a business.

Avoiding penalties for a late federal tax return

In the last several weeks, we have discussed the upcoming April 15 deadline to file federal tax returns. Although many people may have already completed this process, others might simply be waiting to have all of the information necessary to complete a filing. Since the deadline is looming, many of those who are in this situation might be worried about not having enough time.

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