IRS Back Taxes
Do you owe taxes from previous years?
With Ponci-Tax Resolution Experts, get a fresh start! Your past doesn’t define you. Get the right help and move on from past IRS Back taxes!
Understanding Back Taxes: What is it?
Back taxes refer to the taxes that were not paid when due, often from a previous year. They can accumulate for a variety of reasons, such as unintentional oversight, financial constraints, or misunderstanding of tax obligations. Over time, back taxes can pile up, accruing interest and potential penalties from the IRS.
But here’s the good news: If you find yourself in this situation, you’re not alone. Many Americans face challenges with back taxes at some point in their lives. And there’s help available. Getting help with back taxes can make a world of difference, turning what might seem like an overwhelming situation into a manageable one.
By engaging our in-house professionals, you can get clarity on the amount owed, understand potential penalties, and learn about available options. We can assist in devising a strategy tailored to your financial situation, whether it’s negotiating a payment plan with the IRS or exploring other resolution areas.
What are the Different Types of Back Taxes?
Dealing with back taxes can sometimes feel puzzling, especially when you’re unsure about what types you owe. Fortunately, understanding the different types of back taxes can clear things up, and seeking the right assistance can make all the difference. If you’re looking to get a clearer picture, you’re in the right place.
Income Taxes
This is the most common type of back tax people owe. If you missed a year or underreported your income, you'd have back taxes related to your income. The IRS typically notifies individuals about any discrepancies or underpayments.
Self-Employment Taxes
Entrepreneurs, freelancers, and independent contractors often face this type of tax. If you're self-employed and haven't kept up with your quarterly tax payments, you might find yourself with back taxes in this category.
Employment Taxes
Business owners are responsible for withholding certain taxes from their employees' wages. If they fail to do so, they could owe employment-related back taxes.
Property Taxes
Managed at the local level, these taxes are related to property ownership. Falling behind on these can lead to back taxes owed to your city or county.
Excise Taxes
These are taxes on specific goods or activities, like gasoline or tobacco. If you're in a business dealing with such products and haven't paid the proper taxes, you could owe excise back taxes.
Gift and Estate Taxes
If you've given a gift or inherited an estate above a certain value and haven't paid the necessary taxes, you might owe back taxes in this category.
Questions like “I need tax help for back taxes,” or “How can I manage the help with back taxes owed to IRS?” never leave a taxpayer’s mind. That’s part of the reason why we have experts who specialize in helping individuals and businesses in resolving their tax problems. Getting the right help can simplify the process, ensuring you can tackle any tax challenges head-on and get back to focusing on your financial future with confidence.
Are tax problems weighing you down? Ponci-Tax Resolution Experts are here to help you every step of the way. Get a free consultation NOW!
What are the Consequences of Unpaid IRS Back Taxes ?
Dealing with unpaid back taxes? You’re not alone. Every year, many Americans face tax obligations they either forgot about or couldn’t handle at the time. Here’s what you need to know about the potential consequences of unpaid back taxes and how to get on track.
Now, all these consequences might sound intimidating, but the silver lining is that there’s help available. Whether you’re seeking IRS back taxes help near you in Chicago, our in-house professionals are ready to guide you.
We help you understand your tax obligations, set up payment plans, or find other solutions to tackle the unpaid amounts. Remember, taking action sooner rather than later can save you a lot of stress and additional costs down the road.
Why you should Partner with Ponci-Tax Resolution Experts?
Our team boasts ex-IRS agents, giving us an edge with rare insights into the IRS’s inner workings.
We recognize that every client’s story is different. So, we mold our strategies to cater to your specific needs.
For us, principles like honesty, clarity, and trustworthiness aren’t mere buzzwords. They are our foundation.
Got a question? Need an update? Reach out to us. Whether via phone or email, we’re always at your service.
Whether it’s midnight or midday, a Wednesday or a Sunday, we’re on standby. Because tax issues don’t stick to regular business hours, and we don’t either.
Begin your journey with us without any hesitation. Your initial meeting is on us, allowing you to gauge our capabilities.
To our Spanish clientele, we promise smooth and efficient consultations in your native language.
Being a family-driven venture, we infuse every interaction with warmth, personal attention, and enduring dedication.
We wear our women-led badge with pride, representing unmatched proficiency in addressing IRS tax challenges.
$450K+ Taxes Saved, 20K+ Tax Cases Solved! Be part of our Results!
Tax complications can pop up for anyone. Maybe life got busy, or there was a mix-up with paperwork, but now you find yourself in need of help with filing back taxes. It’s a situation no one wants to be in, but when it happens, Ponci-Tax Resolution Experts is ready to stand by your side.
We've saved 450k+ on penalties and interests!
Need IRS help back tax solutions? Our team understands the intricacies of back taxes and how daunting the IRS can seem. That’s why we prioritize simplifying the process for you, making it clear and hassle-free.
Tax Cases Solved!
Tax Returns Prepared!
Trust & Reliability!
Our approach is rooted in a combination of expertise from former IRS agents and a genuine understanding of our client’s needs. With Ponci-Tax Resolution Experts, you’re not just getting a service – you’re partnering with a team of experts ready to guide you. From initial paperwork to IRS audit representation, we’ll be with you every step of the way, ensuring you get the best IRS help back taxes.
So, if you’re on the hunt for help, remember: you don’t have to face your back taxes alone. With Ponci-Tax Resolution Experts, you’ve experts just a call away, dedicated to sorting out IRS back taxes and getting you back on track.
Your Options: How can you get relief from IRS Back Taxes with Ponci-Tax Resolution Experts?
Owing money to the IRS in the form of back taxes can indeed be stressful. But take a deep breath; there are actionable steps you can take to find IRS tax relief. Whether you’re seeking assistance in paying or filing back taxes, here’s your guide to getting back on track.
- Your tax obligation doesn't vanish. It remains intact, and the IRS will regularly evaluate if there's a change in your financial capacity.
- Over time, as your tax debt remains unpaid, interest and penalties will accrue, making the debt even more significant. While CNC offers short-term relief, it isn’t a permanent fix to your tax woes.
Short-Term Payment Plan:
- Applicable if the debt is less than $100,000.
- Duration: Up to 180 days.
- No initiation fee, though interest and penalties apply until cleared.
- Payment can be made via checking/savings account, check, money order, or preferably, a debit card.
Long-Term Payment Plan:
- For those owing $50,000 or less with all tax returns filed.
- Repayment spans beyond 180 days.
- A setup fee between $31-$225 applies (exceptions exist based on IRS's low-income guidelines).
- Accrued penalties and interest apply until debt is settled.
- Mandatory monthly withdrawals from bank accounts if debt exceeds $25,000.
Our Team’s Vision
“Every person or business has a unique story, and we're here to ensure that story isn't overshadowed by tax worries. So, here's our promise: We'll always keep things simple, always be there to listen, and always strive to give a resolution for your tax problems.”
Insider Tips: How can I avoid Back taxes in the near future?
Dealing with back taxes can be a real headache. But the good news is, with a proactive approach and some careful planning, you can prevent these issues from cropping up in the future. Here’s how:
Stay Organized
Maintain a system where you keep all your financial records, receipts, and previous tax returns in an organized manner. This will not only help with filing back taxes if necessary but also make sure you're prepared for each tax season.
Regular Check-ins
Instead of waiting for tax season to surprise you, have regular financial check-ins. By reviewing your finances quarterly, you can ensure you're on track and make adjustments as needed.
Utilize Technology
Consider using tax software or apps that can remind you of deadlines, calculate payments, and even offer IRS help back tax advice.
Adjust Withholdings
If you typically owe money, it might be because your withholdings aren't accurate. Adjusting them can prevent owing the IRS in the future.
Stay Updated
Tax laws can change. Make it a point to stay informed about any changes in tax regulations, or seek IRS help back taxes advice to stay in the loop.
Set Aside Funds
If you're self-employed or have an irregular income, it's a good idea to set aside a portion of your earnings regularly for tax purposes.
File on Time
This might sound obvious, but it's crucial. Even if you can't pay your entire tax bill, filing on time can prevent additional penalties and fees.
Seek Help
If you're unsure about your tax obligations or deductions you qualify for, don't hesitate to seek expert advice from Ponci Tax Resolution Experts. Professionals can provide guidance, offer help with filing back taxes, and ensure you're compliant.
Ponci-Tax Resolution Experts’ Mantra
Dealing with back taxes can be a real headache. But the good news is, with a proactive approach and some careful planning, you can prevent these issues from cropping up in the future. Here’s how: