Owe Back Taxes: What Is The Solution?
May 26, 2023
Owe Back Taxes: What Is The Solution? Back taxes refer to unpaid or overdue taxes from previous years. When an individual or business fails to pay their taxes in a timely manner, they accumulate a tax debt, which includes the original tax amount owed plus any applicable penalties and interest. There are various reasons why…
How Do I File Returns for Back Taxes?
March 8, 2023
Tax Facts:• A taxpayer can file back taxes for any past year, but the IRS usually considers a taxpayer in good standing if they have filed the last six years of tax returns.• If a taxpayer was qualified for federal tax credits or refunds in the past but did not file tax returns, they may…
Unpaid IRS Taxes: What You Should Know
March 2, 2023
If I can’t pay my income taxes, should I still file my return? The penalty for an unfiled return is much greater than the penalty for not paying. If you fail to file your return, the IRS charges a monthly penalty that equals 5% of your balance. The penalty starts on the date following the…