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Back Taxes Relief From the IRS Stimulus Package

 


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Life can be busy and money is not always available so it is not uncommon for a person to have failed to file taxes at one year or another. This year however is an optimal year to catch yourself up because the economic stimulus check can be used as back taxes relief. If you owe money to the IRS that you simply do no think you have, then this is especially your year. This windfall to get the economy going may be just the incentive you need to get back on the good foot with the IRS. You have to of filed for 2007 to get your stimulus check so take this opportunity to invest in this stimulus check in paying back your taxes owed.

The government has a ten year period to collect from you any taxes once the amount has been formalized. A formal notice that you owe back taxes could be the balance from taxes you filed that you were unable to pay in total, their numbers after an audit, or if you have allowed a proposed assessment become final on your taxes. Relief from the ominous wondering, should you have moved and not heard from them whether or not you owe may be found simply by calling the IRS and asking if you have any outstanding tax liabilities. They are legally required to share such information. Your past employers will hold your W-2s for four years and push come to shove the IRS has copies of your information if you do not. Once you have the information and you do indeed have an outstanding tax liability, your best bet at tax relief is to hunker down over your old records, possibly even hire a tax professional and file your old returns. Filing back taxes often provides relief of its own since you can make use of all the deductibles of which the government is not aware.

The IRS will at times create a proposed assessment of your tax liability and attempt to send you notice of such. In the event that you do not file returns for the year assessed, they will take their assessment as final and will have the next ten years to collect its total from you. Just as the IRS had ten years to collect any formal tax liability, you have three years to collect your outstanding refund. The best way to find relief is to file your taxes and do so within your own three year deadline from their original due date to collect any refund before it expires. Any refund coming your way when you file within the three year deadline will serve as tax relief when it is automatically applied to an outstanding balance of another return that is also within the three year deadline. As mentioned earlier you can only get the economic stimulus check if you filed. Even if you owe rather than have a refund, this stimulus check will be automatically applied to your taxes owed. So if you may not have received your stimulus check, they have been applied against the back taxes you may have owed, which is a great thing because this means less penalties and interest in the future on these unpaid back tax amounts.

For more information on solving tax debt issues visit: Back Taxes Help () a website dedicated to solving every IRS back tax problem, giving you the information the IRS does not want you to know.

To Connect with a tax specialist please visit here: Back Taxes Specialist

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