Nemeth IRS News - Episode 7 (Here's What Happens When You Owe Back Taxes)
No one enjoys paying taxes. Plain and simple. But as the saying goes, there are two certainties in life: death and taxes. So, taxes are an inevitable part of life.
If you don’t pay your taxes, something called “back taxes” accumulate. And as time passes, penalties and interest also pile on, making the overall debt snowball in size. Rest assured however, that if you are struggling with growing back tax debt, there are many ways to regain control over the situation.
In the latest installment of Nemeth IRS News, we're covering the various strategies at your disposal should you fall into a situation where you owe back taxes to the IRS.
Timecodes:
0:06 - Introduction and overview on the topic of the day
2:36 - What are back taxes?
3:06 - What to know if you can't pay your back taxes
4:26 - The penalty for not filing your tax returns
6:09 - What if you don't have the accurate and detailed records needed to prepare your tax returns
7:48 - The six year rule
9:10 - What happens when you can't pay your back taxes?
10:45 - Additional advice for someone who can't pay their full tax bill
11:55 - There are options and solutions available for you!
13:22 - Closing remarks
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