Thursday, July 18
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Tag: IRS

What are Back Taxes? When To Seek Help?

What are Back Taxes? When To Seek Help?

Business, Finance, Tips & tricks
Back taxes refer to taxes that were not paid when they were originally due. This typically occurs when an individual or business fails to pay their required taxes in a timely manner, whether it be income taxes, property taxes, or any other type of tax liability. These unpaid taxes can accumulate interest and penalties over time, making the amount owed larger than the initial tax debt. If someone owes back taxes, it's important to address the issue as soon as possible, as the government may take legal action to collect the debt, which can include seizing assets, garnishing wages, or taking other measures to satisfy the tax liability. Additionally, unresolved back taxes can negatively impact an individual's credit rating. Resolving back taxes usually involves contacting the relevan...