How much do i owe the IRS?

You may have asked yourself recently: “How much do I owe the IRS?”
If you owe tax to the IRS but aren’t sure how much you owe, there are a few ways to find out. You can do so by calling them directly, sending them the right information in the mail, or by using online tools at the IRS website.  Once you find out how much you owe the IRS, you may have some questions about how that number got so high, and what you can do about it.

Underpayment & Penalties

Underpayment of estimated tax is a tax penalty which is charged to an individual for not paying enough of his/her estimated tax and withholding.  If left undiscovered or unresolved, these tax penalties can really add up! If you find yourself in this situation, reach out to a tax professional such as an Enrolled Agent, who will be able to help underpaying taxpayers like yourself with the right forms and plan to determine how much they owe and compare it to what the IRS has already received.  Ensuring you will not have to pay more than you have to, in the end saving you money.

Unfiled Returns

Filing taxes is stressful, and it’s even more stressful to have to file missed returns.  But there’s good news: filing back tax returns doesn’t necessarily mean you will owe the IRS, you might even be leaving money on the table by not filing your returns, and there are specific rules that a tax professional can help you navigate when it comes to filing tax returns for prior years.  For example, if you fail to file a tax return for the year in which the refund is owed, you cannot access an IRS tax refund. Also, if you do not file that tax return within three years, you lose the IRS tax refund and forfeit it to the federal government. The money becomes the property of the US treasury. Do you really want to be giving Uncle Sam extra money out of your pocket when working with an Enrolled Agent or other tax professional could reduce or eliminate what you owe the IRS?

What to do from here?

If you find yourself facing the IRS collections process and the related penalties and consequences that come with that, an Enrolled Agent  is your tax defense partner who will guide you with access to various tax resolution services, and is ready to help reduce the amount you owe the IRS. We can provide you the experienced tax resolution advice, guidance and representation needed to successfully navigate the IRS. We are experts with all tax resolution options available and our only mission is to remedy your IRS problems and get you back in good standing.

Below are just some of the tax resolution services available through Just Accounting Inc:

  • Currently Not Collectible
  • Dealing with the IRS
  • Innocent Spouse Relief
  • Installment Plans
  • IRS Tax Discharge
  • IRS Tax Expiration
  • Levy Release
  • Offer In Compromise
  • Payroll Tax Debt Relief
  • Penalty Abatement
  • State Tax Issues
  • Stop Wage Garnishment
  • Tax Lien Removal
  • Tax Preparation and Planning
  • Unfiled Tax Returns

If you have any questions about the IRS collection process or would like more information about how we can help with your IRS tax debt issues, contact Just Accounting Inc. today.