Tax Ignorance is not BLISS
I came across this story from a peer and am shocked at the admitted ignorance when it comes to owing money to the IRS, the last thing you should do is ignore the problem and not share your problems so you can find an expert to help you identify your options.
What I like about the article is the confirmation that most people are afraid to share their situation and the author confirmed this bias people have, which needs to change.
The gist of this article was how this taxpayer has accumulated over $80,000 in tax debt, and how she planned to pay this off by 2019. While I applaud her desire to pay this in full, the IRS has many policies and programs that this taxpayer could possibly benefit from.
Here are a few things to understand, the IRS has 10 years to collect on assessed tax liabilities, after that it is wiped away. You can negotiate a payment plan which is set to what you can afford and still live life. If you can’t make payments you get set up with a hardship status, which the IRS won’t require payment from you for 1–2 years.
Obviously there are more options and each of these can be customized for your specific situation. If you have questions contact a knowledgeable tax attorney to discuss your specific situation.
Don’t hide, speak up and talk with someone that you can trust, I provide taxpayers with a one time full IRS case review for just $250. So even if you have someone helping you and you want a second opinion reach out to me so you know you are getting the best resolution.
For the last eight years, every time I've made a purchase, I've done so knowing I have a huge weight hanging over me to…theweek.com