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Do you owe Taxes for 2011 that are due this April 17th 2012 But You Can’t Pay?

Can't pay your IRS taxes? Current year tax debt is probably less serious than you think.

Current year tax debt is probably less serious than you think.

The main thing to avoid is failing to file your tax return. Failing to file your tax return is the root cause of most tax problems that I end up fixing for clients as a tax lawyer. It’s always easier to deal with a tax problem in the here and now rather than let it drag on.

If your tax debt goes back further than a year, you’ve amassed fines, you’ve lost income, or some other tax problem, a phone call to me or another tax lawyer should be made to learn more about your options. Popular choices include making an installment agreement  or payment plan with the IRS, and for more serious cases, an Offer in Compromise.

For simple cases where you only owe current year taxes or your tax debt is below $15,000, there’s a good chance you won’t need my services as a tax lawyer.

For more information follow the links I’ve included above or watch the IRS video recap (with transcript) below.

IRS Transcript of video

“Here’s a tip from the IRS. Hi I’m Jodi and I work for the Internal Revenue Service.

Are you afraid to file a tax return because you owe money but can’t pay? You shouldn’t be!
The IRS has a lot of ways to help if you’re having trouble paying. Here’s what you need to do.

First file a tax return or an extension to file a tax return anyway, why? there’s a big “failure to file” penalty and all you have to do to avoid it, is file a tax return.

After filing, pay what you can, because your balance is subject to interest and a monthly late payment penalty.  Then contact us to discuss your payment options at 1-800-829-1040, that’s 1-800-829-1040.

Just remember, if you need help with the IRS contact us because there are many ways we can help you. Relief such as short-term extension to pay, an installment agreement or an offer in compromise may be an option for you.” source: http://www.youtube.com/watch?feature=player_embedded&v=h8FKcoGArr4

Disclaimer: This tax audio  or video recording is not owned, reviewed or endorsed by tax attorney Jeff Fouts (TaxHelpAttorney.com), and is provided here for informational purposes only. Neither the creator or the publisher of this audio are affiliated with the Fouts Law Firm. A link to the original tax information audio/video appears adjacent to all audio if you wish to contact the author. Thank you.

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10 Responses to Owe Taxes But Can’t Pay?

  1. [...] our post yesterday (Owe Taxes But Can’t Pay?) we mentioned that in the case of simple tax problems it isn’t always necessary to hire a tax [...]

  2. amanda poney says:

    We Owe IRS Income Taxes And Cannot Afford the Tax Bill, what can se do? Will The IRS Create a Settlement Offer to let us get out of paying?

  3. Mary Vergleich says:

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  7. [...] As the article correctly points out, the penalty for not filing is greater than the penalty for filing and not paying. So it always “pays” to file your tax return, even if you can’t [...]

  8. [...] computer voice: What’s not so nice is, you owe a lot of money in back taxes. Listen, Tom. We can make this [...]

  9. Mr. Anderson says:

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  10. [...] is a huge change.  This is a gigantic benefit for taxpayers who owe back taxes.  Under the IRS’s new program, a whole lot more people will now qualify to file for a settlement [...]

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