What Will The Government Do In Order To Get Payment For Back Taxes?
Owing the government is a big deal, especially because of the fact that it is a government agency. If you owe back taxes you may wonder what the government will do in order to get payment for back taxes owed if you have not paid them or have been otherwise unable to pay the debt. You do not have to compromise your assets or put your whole financial future in jeopardy because you owe back taxes, there are ways to avoid the adverse conditions and get the debt paid if you know how to go about doing so.
Solutions To Getting Back Taxes Paid
The most obvious solution is to pay your back taxes any way that you can to avoid penalties and late charges. The more that you wait or procrastinate on making payments the higher your tax debt is going to get. If you cannot pay the whole amount of the tax debt then you may want to look into entering into an installment agreement with the government to get your back taxes settled.
To do this you will need government Form 9465, this is the installment agreement form and needs to be filled out completely and accurately. The Government is more than willing to work with you to get your tax debt paid and by filing this form you are showing them that you are making an effort, this will eliminate adverse actions the government will do in order to get payment for back taxes.
Offer-In-Compromise To Stop Collection Activity
Another method of paying your back taxes is filing the form 656 or the offer-in-compromise if your tax debt exceeds the $10,000 limit set for the installment agreement. The offer-in-compromise will stop all collection activities and give you the opportunity to settle your government tax debt for less than you owe if you qualify.
Using these methods should stop any actions the government will do in order to get payment for back taxes and will save your assets and financial future.
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- Can The Government Garnish All Of My Wages For Back Taxes?
- What are Government Tax Debt Payment Plans?