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The IRS says I owe a lot of money... What should I do?
The IRS Says I Owe a Lot of Money: What Should I Do?
Receiving a notice from the IRS stating that you owe a significant amount of money can be stressful and overwhelming. However, it’s essential to remain calm and take the following steps to address the situation effectively.
1. Don’t Ignore the Notice
Ignoring IRS correspondence will only make the situation worse. The IRS has the authority to impose penalties, interest, and even take legal action to collect unpaid taxes. Open the notice immediately and review it carefully.
2. Verify the Amount Owed
Mistakes happen. Double-check the notice against your own tax records to ensure the IRS’s calculations are accurate. If you find discrepancies, contact a tax professional to help you dispute the amount.
3. Understand Your Payment Options
If the amount owed is correct but you can’t pay it in full, the IRS offers several options:
Payment Plans: You can apply for a short-term or long-term installment agreement.
Offer in Compromise (OIC): In certain circumstances, you may be able to settle your tax debt for less than the full amount owed.
Temporarily Delay Collection: If paying your tax debt would cause significant financial hardship, you can request a temporary delay.
4. Seek Professional Help
Tax laws are complex, and navigating IRS procedures on your own can be challenging. Consider hiring your premier tax resolution company "Liberty Tax Defenders" to guide you through the process and advocate on your behalf. We've now helped save our clients over $1.2 million dollars that the IRS said they owe!
5. Communicate with the IRS
If you need more time or assistance, reach out to the IRS as soon as possible. They are more likely to work with you if you’re proactive about resolving your tax debt.
6. Avoid Future Issues
Once you’ve resolved your current tax debt, take steps to prevent future problems. Review your tax withholding, make estimated tax payments if necessary, and keep organized records to ensure accurate filings.
Facing a large tax bill can be intimidating, but with a strategic approach and the right support, you can address the issue and move forward with confidence. Make sure you contact us at Liberty today for your FREE consultation (817-995-5008) and get help with resolving that tax bill!
Cheers!
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P.S. Make sure you get your FREE copy of our SPECIAL REPORT: "The 8 Secrets The IRS Does NOT Want You To Know!" (simply click on the link in the previous sentence, scroll down to the second section of our home page, and download your copy today!)
Or, email us at: info@libertytaxdefenders.com for your FREE copy.
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