Back taxes, or unpaid taxes from former years, can be a stressful burden for people of all ages. You may find yourself facing back taxes after missing a crucial tax deadline or going through a period of financial hardship, but the key is to not ignore them. If you simply neglect your back taxes, you can wind up facing a slew of unwanted consequences, such as interest on your taxes, IRS enforcement actions, and other penalties.
Fortunately, you don’t need to tackle back taxes by yourself, either. Our team at Denson Pepper CPA is here and ready to help you fully understand your tax situation and create a tailored solution according to your needs. If you decide to reach out to us for assistance, here’s a quick guide on what you can expect:
- Submit any unfiled tax returns. Even if you can’t afford the amount owed, simply getting your taxes filed will prevent additional penalties from increasing over time. You can rely on us to accurately and efficiently complete your tax returns.
- Calculate your total tax liability. Our team of CPAs can help review your tax history and check for any tax credits or other adjustments that may reduce the total amount you owe.
- Check for tax relief solutions. There are several tax resolution options available, including installment agreements and penalty abatement, and you can count on us to help you find the ideal solution for your situation. We can even help negotiate with the IRS on your behalf.
- Maintain compliance. Once your back taxes are complete, it’s crucial to stay compliant moving forward. Make sure to file your taxes on time every year and consult with a CPA to ensure accuracy.
If you have back taxes, contact our team today to reduce penalties and restore your peace of mind.