If you don’t pay your taxes—then what are called ‘back taxes’ begin to add up. Basically, back taxes are any taxes that you have failed to pay over time. And the more time that passes, the more penalties and interest that will accrue, making your overall debt bigger.
In the latest installment of Nemeth IRS News, we're diving into several options available for people struggling with back tax debts. This can get complicated, so we always suggest you work with a tax professional!
0:07 - Introduction and an overview on the topic of the day
1:37 - Jamie joins the show and introduces herself
1:54 - Should you file your late tax returns even if you can't pay them?
2:40 - A Substitute for Return and the details behind it
4:48 - The options for people that aren't able to write a check and clear the debt
7:33 - What is an offer in compromise?
9:50 - Payment plans with the IRS and how they work
13:45 - The consequences people can face by ignoring their tax debt
14:39 - How bankruptcy filing works
16:21 - Closing remarks
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