Are You Making These IRS Back Tax Mistakes?
In football, a single bad play can cost you the game — and it’s the same with your fight against the IRS. Back taxes are complicated, and IRS procedures are even more complex. To avoid losses like nasty fines, interest, and penalties, steer clear of these five mistakes.
Mistake No. 1: Putting Off Action
Ignoring IRS letters and phone calls will not encourage them to forget about you and disappear. Instead, the longer you wait, the worse your situation will get! You can avoid this by contacting our team now. We’ll reach out to the IRS and stop their enforcement action.
Mistake No. 2: Not Learning Your Rights
The IRS will take advantage of your ignorance if you let them. So, don’t! Remember, you have the right to be treated with professionalism and courtesy, the right to privacy, and the right to pay only the amount you actually owe. You can also seek professional representation and appeal IRS actions. Our team can explain your rights further and help you use them.
Mistake No. 3: Paying Your Taxes on a High-Interest Credit Card
It’s tempting to pay your taxes off however you can, but this method causes more problems than it solves. Most high-interest credit cards accrue interest so quickly that they will cost you more than IRS penalties would in the long run. Instead of going that route, work with a professional to reduce the amount you owe the IRS.
Mistake No. 4: Forgetting to Keep Copies
In a conversation with the IRS, it’s vital that you document everything. Make notes during phone calls (including the name, direct phone number, and badge ID of the representative you’re speaking with), keep copies of all of your correspondence, and always get agreements in writing.
Mistake No. 5: Going It Alone
You may think you can handle the IRS, but the agency’s rules and regulations are constantly changing. What worked for you before or your family member in the past may not work today. If you owe back taxes you can’t pay off within 90 days, call our team for help.
Want more great tips like these? Check out our library of FREE resources at LandmarkTaxGroup.com/Free