While many people fear being audited by the IRS for past tax returns, owing back taxes is actually a more stressful situation. If you owe, there are a couple of ways to deal with the situation.Dealing with Tax DebtFirst things first. The best advice on deal with back taxes is to…well, deal with them. Many people make the mistake of sticking their head in the sand when it comes to tax problems.The IRS inadvertently helps this happen because it takes the agency a while to figure out you owe money and then take action to collect the back taxes. Once the agency gets rolling, however, it can bring all kinds of nasty weapons to bear. Your bank account can be cleaned out and your wages garnished to mention only a few of the tactics used. Throw in the fact penalties and interest accrue on your tax debt and it can get ugly quickly. If you have a tax problem, deal with it. You will be far better off taking proactive action versus waiting for the IRS to do something.Assuming you are ready to act, you have a number of options available to you. So, what are they?The first option is… Read full this story
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