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Unpaid Taxes – Options for Resolving IRS & State Tax

If you have been assessed a tax bill that you cannot pay, know you will not be able to pay your taxes when due, or have unpaid income taxes due to the IRS or state it is important to understand how the IRS works so you can avoid any unnecessary penalties and interest and most importantly to understand what options are out there. Everyone’s situation is different and there is not one solution for everyone in these types of cases.

Options if You Can’t Pay Taxes Owed

Whether you have been assessed with a tax liability or you have an upcoming tax payment that is due and you know you won’t be able to pay it is important to understand the various options you have. The IRS realizes that this is a common problem and they have tried to create solutions that can meet the needs of every taxpayer in any situation. It is important to use the method that works best for your unique financial and personal situation.

Unpaid Taxes Penalties, Interest, and Consequences

The deadline for paying individual taxes is April 15th. Understand how unpaid or underpaid taxes are treated by the IRS and what types of penalties and interest you can expect to incur. If no actions are taken to resolve the unpaid tax amount know what actions the IRS is likely to take and what you can expect through each step of the collection process.

IRS Underpayment Penalties & Interest: Failure to Pay Tax Penalty

Understand how the IRS charges penalties on taxpayers that underpay their taxes or fail to pay their taxes on time. The penalty for not paying taxes or underpaying taxes is between 1/4% and 1% a month. Know how much you will be charged and if you will be able to remove these penalties.

How Much Do I Owe in Taxes to the IRS? Three Ways to Find Out

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 that online, over the phone, or through the mail.  The most reliable ways are over the phone or by using the online tool offered by the IRS since mail you receive from the IRS may not contain total balances for all years or mail could have been lost.

Owe IRS More or Less than $10,000 in Taxes?

If you owe back taxes, your options vary depending on how much you owe. There are different resolution options and different implications to owing at different debt levels. Generally, the IRS splits debt into the following categories: less than $10,000, $10,000 to $50,000, and over $50,000. Here are details on what to expect in each situation.

IRS Statute of Limitations For Collection of Unpaid Taxes

10 years is the rule of thumb for IRS collections on unpaid taxes. This rule varies by situation. Under some circumstances, the statute of limitations may never expire. Understand the rules and how they apply to you.

Unpaid Taxes FAQs

Questions and answers to commonly asked questions about unpaid taxes. Understand what the penalties are, what actions may be taken by the IRS to ensure taxes are collected, and what you can do to get your unpaid tax problem resolved with the IRS.