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    Short Handbook on Resolving Tax Debt
    Short Handbook on Resolving Tax Debt
    Short Handbook on Resolving Tax Debt
    Ebook55 pages21 minutes

    Short Handbook on Resolving Tax Debt

    By Nibiruki Books

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    About this ebook

    Did you receive an IRS notice for back taxes payment? Are you worried about how to deal with the IRS? The way to beat the IRS is through information. Know your resolution options under law and get facts about tax debt relief rapidly with this short handbook.

    This book will help you to understand:
    •Back taxes penalties and interest
    •All the resolution options and their qualifying factors
    •Results of non-filing of tax return
    •Tax debt in a bankruptcy
    •Spousal defense
    •Every IRS collection action
    •Tax resolution services

    Go through this book before contacting the IRS or hiring an attorney, and make better decisions all along the way to resolution.

    LanguageEnglish
    PublisherNibiruki Books
    Release dateJul 22, 2018
    ISBN9780463387108
    Short Handbook on Resolving Tax Debt
    Author

    Nibiruki Books

    A writer who is always wanting to offer you something exciting, fun and valuable to read. I have published a novel 'The Return to Beginnings' among other fiction and non-fiction works. I work as a freelance content writer and am a happy mother of a nine year old girl.

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    Book preview

    Short Handbook on Resolving Tax Debt - Nibiruki Books

    Table of Contents

    Chapter 1: When Do I Owe Back Taxes?

    Chapter 2: How Tax Debt Increases with Time

    Chapter 3: IRS Payment Plans

    Chapter 4: Bankruptcy and Tax Debt

    Chapter 5: Innocent Spouse Relief

    Chapter 6: IRS Collection Actions

    Chapter 7: Tax Debt Resolution Services

    Chapter 8: Tax Debt Fraud and Scams

    SHORT HANDBOOK ON RESOLVING TAX DEBT

    Simple solutions to beat the IRS

    Clarrisa Ramsey

    All rights reserved.

The information in this book is for reference/informative purposes only. If you receive communication from the IRS, consult with an attorney or a legal service.

    CHAPTER 1

    WHEN DO I OWE BACK TAXES?

    If you owe taxes and do not pay them before the filing deadline, usually April 15, you are in tax debt. You may think, What does it matter? I will pay it in a few months. I am not evading taxes. The only problem in paying your taxes after the filing deadline is that you pay penalty and interest on the taxes you owe.

    After the filing deadline, the IRS charges both penalty and interest every month on the total back taxes. Penalty and interest keep accruing till the tax debt is paid off or forgiven. Therefore, it is advisable to pay taxes on time. If you cannot pay on time, you should take extension to file to avoid the failure-to-file penalty and pay as much as you can before the filing deadline to bring down your penalties and interest. We will talk about penalties at length in the next chapter.

    When You Don’t Pay or Pay Less Than You Owe

    If you cannot pay your full back taxes before April 15, you must pay as much as you can. If you file for extension and pay 90% or more of your tax bill, then you will not be charged failure-to-pay penalty (if you pay the balance by the extended deadline). If you do not get extension, then you must file your return, even if the filing deadline has expired.

    The IRS considers filing and paying as two different tax violations. If you do not file and also not pay, you violate two tax laws. Therefore, you will be charged two different penalties:

    failure-to-file, and

    failure-to-pay

    However, the IRS will charge a maximum of 5% in penalty if you fail to file and also fail to pay.

    If you are required to file a return and you owe no taxes, then also you must file your return. That way, you can claim refundable tax credits such as the Earned Income Tax Credit.

    If you cannot pay your full tax bill,

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