Thursday, December 3, 2015

I Owe the IRS Money, What Should I Do?

As cliché as it may sound, the only thing permanent in this world is death and taxes. Simply hearing these two things can send shiver down the spine of anyone. Facing the IRS, however, need not be a scary experience as long as you know what to do.

IRS Notices

IRS notices get sent either by mail or online. Regardless of how you were able to get it, you need to make sure that you read it thoroughly and make sure you send in your reply at once. If you have been asked to come for an interview, make sure you bring a tax attorney with you. The tax attorney can help discuss things with IRS on your behalf. It also keeps you from being taken advantage of.

During your interview with the IRS, you are afforded a number of rights. This would include being treated in a professional manner. If, at any time during the interview, you feel that you are not treated properly, you can have the interview terminated and speak instead with the supervisor.

Tax Expert

IRS deals with taxes and, if you have no idea how taxes are computed or how they work, you might become more confused. When that happens, you might commit to information that is not correct. To ensure that you are not taken advantage of, seek first the counsel of a tax expert. A tax expert can help you better prepare on how to answer the questions of the IRS.

Due Process

No matter what you have heard, IRS cannot just take your car and home without going through the correct process. You would always be given a notice as well as a chance to challenge their findings before they can actually take position of what you have.

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