IRS & State Penalties For Unpaid Taxes In Minneapolis, MN
If you have been charged with a tax bill which is beyond your capability to pay or you already have unpaid back taxes, you need to know that you can be heavily fined by the IRS or the state. This is exactly why it is important for someone who can’t pay his due taxes or back taxes to understand the choices and options available to them so they can pay their taxes and avoid unnecessary penalties and fines.
There are different situations for different individuals, but here you’ll find some of the options available to you that will help you successfully pay your due taxes or back tax debt.
Your Options For Unpaid Taxes
Whether you have been charged with a tax bill which you cannot pay, it is beyond your capability to pay, or you already have unpaid back taxes and you know that you can’t make the due payments on time; it’s not as if the IRS doesn’t understand your situation.
To counter these situations, the IRS has provided multiple solutions to address this common problem. These solutions are aimed at every individual but it’s important to choose the option that is most suitable to your needs.
The Penalties, Interests and Consequences Of Unpaid Taxes
April 15th is the deadline for paying individual taxes. First of all, you need to understand that there are different penalties and consequences for unpaid taxes, under-paid taxes, and late taxes. If you make no effort to pay your dues or back taxes, you need to know what actions the IRS is likely to take and how much they are going to charge you at each step of the collection process.
The Penalties, Interests and Consequences Of Under Paid Taxes
Understanding how the IRS charge taxpayers for underpaying their taxes, with penalties, is crucial if you want to pay as less as possible. The penalty for not paying taxes or under paying taxes is between 1/4 – 1% a month. If you already know how much you are going to get charged, it becomes all the more easier to actually remove the penalties.
Limitations For Collection of Unpaid Taxes Of The IRS
Under most normal circumstances the IRS is given a time of 10 years to collect your taxes after which they become unable to do so. There are some cases where the collection time is infinite or more lengthy, and this is why knowing how these rules apply to you can really help in the long run.
There are a lot of questions and answers in regards to unpaid taxes. Understand what the penalties are, what actions the IRS will take to ensure the collection of payment, and what options you have available to get your unpaid tax issues resolved with the IRS.