Do you live in the state of Illinois? Do you owe back taxes to the IRS? If you answered yes to both of these questions you need to know what steps to take next. Owing back taxes is a serious situation, and you need to make the right moves as to not jeopardize your future.
You will not know exactly how much you owe in back taxes until you file all your returns. If you have yet to do this, it is the first step you must take.
Once you know the total amount you owe the IRS you can then consider your options. If the funds are available you will want to pay the IRS in full. This allows you to avoid payment agreements in which you will accrue interest and penalties on your account.
Some Illinois taxpayers do not have enough money to cover their entire liability. When facing this situation, your best option is an agreement to pay taxes back over time (installment agreement). A resident of the state of Illinois you have the right to request an installment agreement. This allows you to pay over a series of months as opposed to one lump sum. Even though an installment agreement is a feasible option, it is important to note that you will pay more money in the end.
If you are worried about facing back taxes because you cannot file by April 15, there is an option to consider: you can file for an extension. This sounds like an easy way to defer the money you owe the IRS, but is not the case. When you file an extension you will not have to send your forms to the IRS by April 15. But you are required to pay any tax payments that you owe. The extension is there for people who need more time to get their paperwork together, and want to avoid a late filing fee.
Is all of this too much to handle? We can help Illinois residents with their IRS and State tax situations. We can help in any of the following areas: settling back taxes, removing IRS penalties, stopping wage garnishment, removing a tax lien, helping with an audit, filing back taxes, and much more.
If you live in Illinois and owe back taxes, or are facing any other related problem, you can request a free consultation from a trusted tax resolution firm.
BackTaxesHelp.com is one of the premier tax resolution sites serving Illinois, offering tax solutions for every individual’s unique financial situation. We created a strong and diverse team of tax professionals who will settle, file, reduce and resolve State and IRS taxes. All of our tax professionals will provide you with a free consultation to give you your options and likely outcomes.
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