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Filing Back Taxes What do you need to know

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Filing Back Taxes What do you need to know

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  1. Filing Back Taxes? What do you need to know? Do you need to file back taxes? If so, you should be aware of some things that might make the process a little easier for you. The idea of looking over your shoulder for an IRS agent really is no way to live your life. You will find that things can go your way when filing back taxes, especially if you have the appropriate support system in place. You may even consider a 412e3 pension plan. First off, you need to understand that filing back taxes means that the IRS can and will likely begin the collection process in order to collect any financial obligation or back tax revenue that is owed. You may be the best ideal candidate. Do not let this prevent you from filing the returns, however, as doing nothing is surely the best way to escalate the collection process. If you fail to file your taxes at all, the IRS actually will create a return for you and estimate your earnings and the amount that you owe. Unfortunately, the IRS does not have your interests at heart and if the return is not estimated properly, you could actually be assessed for more than you owe. The key is to find a certified tax professional that can assist you in filing back taxes and even file for a solo cash balance plan. They not only will help you to understand your rights but will protect your interests and negotiate with the IRS on your behalf. You may never even have to speak with an IRS agent as they can do it for you. Avoiding filing a return at all will not alleviate your tax obligation. In fact, why would you let the IRS assess your tax obligation for you? It is very likely that if you do not take care of filing the back taxes that you will end up owing more just in penalties alone. Once you file the back taxes, you can then have some grounds to discuss the tax debt with the IRS and come up with a solution to possibly settle for less than you owe. There is no way to do this unless you take care of filing your back taxes first. Find a tax professional that can help you get the taxes filed and be on your way to eliminating the tax debt and that has been haunting you.

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