Only 80% of the income tax is received by the federal and state governments each year. In order to collect the rest, the government sends out tax notices, imposes tax liens on properties and even seizes homes, paychecks and bank accounts. Rather than bearing the trouble of dealing with the government’s collection efforts, consider hiring a New Mexico tax debt resolution expert to find a suitable tax relief option for yourself.
If you don’t pay your taxes on time, the government will initiate its collection efforts. At first, you will receive a tax bill with an estimated outstanding amount, which may also include late-payment fees and interest charges. The penalties will keep piling up unless you resolve your tax debt. If you keep ignoring the tax notices from the government, a tax lien may be imposed on your property, which prevents you from selling it. It may also be reported to the credit bureaus, thus impacting your credit score. In some cases, a delinquent taxpayer’s property may be seized and sold to pay off the tax debt.
There is no way you can run from the government. Instead of trying to dodge your taxes, tackle the situation head on. With Tax Defense Partners by your side, we can help you by:
The IRS mails notices as a reminder to notify you about filing your taxes and that you may have an outstanding amount due. If you disregard the initial warning, the IRS will start sending serious collection notices, and eventually after 3 years, it will file an SFR (Substitute for Return).
Yes. You don’t have to pay if you have the uncollectible status. You should keep in mind that this status is valid temporarily. The Internal Revenue Service checks your tax returns every two years to see if the situation has changed.
Once a tax lien is filed against you, the credit bureaus will be notified about it, resulting in a serious impact on a taxpayer’s credit report. To make it worst, you may not be able to apply for new loans or other financial schemes in future