Stay Ahead of the IRS!
The holidays are a hectic time for all of us, but one thing you can’t afford to forget right now is your 2021 taxes – after all, time is running out. If you feel you’ve fallen behind this year or if you owe back taxes for a prior tax year, do these four things to stay ahead of IRS enforcement action.
1. Enlist professional help. If you feel your tax situation is complicated or has changed in any way, don’t hesitate to contact a licensed tax professional. Self-employed taxpayers, independent contractors, homeowners, and gig workers in particular should consider this to ensure there are no complications with the IRS. Managing current taxes and back taxes go hand-in-hand, so get help from a trusted specialist.
2. Stop procrastinating. Whether you’re starting to organize your 2021 taxes or need to resolve taxes for a prior year, don’t delay. Especially with back taxes, penalties and interest can double and even triple the original tax amount. Taking action now is the best New Year’s resolution you can make this year.
3. Tamp down your panic. If you owe the IRS and can’t full pay, it’s essential to remain calm. Pay as much as you can now, as this will help reduce any penalties or interest you may incur. Then consider other options the IRS has for taxpayers who cannot pay their taxes in full, like payment plans and tax settlements. Our team can help you with this!
4. Learn as much as you can. Although the IRS may appear intimidating at first, the agency really is a sheep in wolf’s clothing. When it comes to back taxes, the agency has to abide by a specific set of rules. And those rules force the IRS to follow pretty simple procedures when it comes to resolving a tax debt. We’ve made those procedures available to all taxpayers (for free) at LandmarkTaxGroup.com/Free