Come tax time, all Connecticut residents hope that they will have the ability to pay their tax bills. Unfortunately, some cannot. Having tax debt is something that can weigh on a person's mind and pocketbook, as the longer tax debt is carried, the more one will owe in interest and penalties. Something many people may not be aware of is that the Internal Revenue Service has collection standards it must abide by when a person is unable to meet his or her tax liability.
While most Connecticut residents filed and paid their taxes on time, there are those who found themselves unable to meet their tax obligations this year. It can happen to anyone. How one decides to deal with tax debt is what matters in this type of situation.
Every year, there are those in Connecticut who, come tax season, learn that they owe the Internal Revenue Service a significant chunk of change. If they cannot pay it, some may choose to let it slide -- which can have significant consequences and ultimately end up increasing their tax debt. The best thing to do when unable to pay taxes is to make a plan of attack and stick to it.
Numerous Connecticut residents depend on passports for their travel needs. Unfortunately, individuals with tax debt may find that they are unable to obtain passports until they start paying the Internal Revenue Service. Depending on one's financial situation, that may not be easy to do, but with help, an affordable payoff plan may be achievable.
Did you fail to file a tax return? Maybe you just did not make your full tax payment. Either way, you are one of the numerous Connecticut residents who owes back taxes, and the Internal Revenue Service has tacked on a significant amount in penalties to the amount you owe. What can you do?
When it comes to collecting taxes, the Internal Revenue Services just wants to get paid. This department is somewhat understanding that people may struggle to pay their taxes, but they will not let people get by without paying them forever. Connecticut residents who owe back taxes can help themselves and their situations by trying to work out a deal with the IRS.
A former NFL star is learning the hard way that staying on top of paying taxes matters. Two of Kamerion Wimbley's restaurants in another state have been seized by the Department of Revenue for failure to pay taxes. He is not the only one facing the loss of his businesses over tax debt. This is an issue that may also affect business owners in Connecticut.
Numerous individuals in Connecticut and elsewhere have tax debt. It happens. Sometimes, paying the IRS is difficult when one is struggling financially. People pay what they can, but if they do not pay in full, they are said to owe back taxes. It is tax debt that the government can still try to collect.
Connecticut residents who are one or more years behind on paying their taxes may find themselves in quite the bind. With Uncle Sam calling and wanting money now, but not enough money in the bank, figuring out how to handle the situation can be challenging. Thankfully, the IRS is not totally unreasonable and may offer an affordable way for one to pay off tax debt.
If you are like many in Connecticut and across the country, you dread tax season. While it is still several weeks before the end of the year, you may already fear you will owe money to the IRS. In fact, you may still be dealing with letters and warnings from the government about overdue taxes from last year.