Updated: Feb 5
If you have didn't file for taxes some time ago, you might be in for a big surprise!
Tax debt is any taxes that you owe to the IRS after the filing deadline. It does not matter if you filed your tax return before the filing deadline and paid a partial amount of your tax bill. The remaining balance will still be considered tax debt.
DEBT INCREASES WITH TIME
If you didn't pay your taxes, they will incur a hefty penalty. The IRS will charge up to a 0.5% penalty on the total amount of tax debt. Every month, the IRS charges interest on that total tax debt on top of your penalties. As the total amount of debt increases, every month you'd have to shoulder penalties and interest over time, and it will grow exponentially.
Don’t Wait to Check Your Eligibility for the Fresh Start Initiative
At the height of the pandemic, the IRS temporarily closed its doors. Since then, the IRS has accumulated a massive backlog of almost 11 million pieces of unanswered letters.
Experts are predicting that by 2021 the IRS will be back at full capacity. When that time comes, they are going to want to put as many Americans as possible on payment plans.
It’s up to you to check your eligibility for the IRS Fresh Start Initiative before 2021. We offer a Tax Relief Survey as a FREE resource – a few minutes of your time could help you save THOUSANDS.
See if you qualify for the Fresh Start Program today!
Resolve your tax debt before the IRS surprises you with late fees and penalties!
Answer a few questions about your finances
Qualify and be presented with a resolution
Enroll in Fresh Start
You can click here to be connected with a verified partner of IRS Fresh Start Initiative