If you owe back taxes to the IRS, you might feel scared, overwhelmed, and anxious every time you think about them. That’s understandable! However, it’s always best to be proactive in handling IRS debt, so you can’t let yourself become paralyzed. When you sit down to tackle your back taxes, implement these 5 tips to save you money, time, and stress.

1. Explore all your options

As a taxpayer, you have rights the IRS would rather you didn’t know about. One is the right to explore your options! Paying your back taxes in full isn’t the only route you can take. You may be able to set up a monthly payment plan, make an offer in compromise (OIC), use a line of credit, or file for bankruptcy. These are just a few of your options, and our team can show you even more.

2. File your missing returns, even if you can’t pay now

There’s no bigger penalty the IRS can throw at you than the penalty for failing to file a tax return. You also can’t negotiate a payment plan until all returns are filed, so it’s smart to file right away, even if you can’t pay your back taxes yet.

3. Keep communications brief and honest

If you’ve made mistakes in the past, it can be tempting to lie to the IRS to cover them up. Don’t give in to that urge! You could end up with additional fines or even face prison time. Instead, keep your communications short and truthful and always run them by a licensed tax relief professional.

4. Prioritize your back taxes over other debts

    

The IRS has more power and persistence than any other collection agency in the country. They can also hurt you financially through bank levies, tax liens, and wage garnishments. We always recommend addressing your back taxes before student loans, credit card debt, or other bills.

5. Consult a licensed tax relief professional

As you can see, dealing with the IRS is complicated, so it’s wise to enlist the help of a licensed tax relief professional.

With these 5 tips to save you money, time, and stress, you’re already on your way to getting back on track with the IRS. When you’re ready, ask the IRS to halt collection activities until you’ve secured tax representation and either call our team or email us to get the help you need — (949) 260-4770 or help@landmarktaxgroup.com.

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