Many individuals in Michigan at one point or another find themselves in a position where they are unable to pay their IRS tax debt. For some, they under-withheld from their wages, leading to a tax balance at the end of the year. Others had a tax event, such as the sale of property, that led to unexpected tax consequences. Whether you owe for one tax year or twenty, AUSTIN & LARSON Tax Resolution can help you to resolve your back tax balances with the IRS and State of Michigan. Our tax preparation team of qualified representatives will always work to get you the best resolution available to you.
AUSTIN & LARSON’s experienced Howell, MI, Jackson, MI, and Saginaw, MI based team of tax professionals features IRS Enrolled Agents, Tax Attorneys, and Tax Accountants. Our array of tax assistance includes tax preparation services, compliance, audit help, and IRS tax settlement programs to permanently resolve any back income tax debt. Our expert tax preparation services could significantly reduce your taxes owed when the IRS comes calling – our ultimate goal. In evaluating your payment options, we provide invaluable support that individual Michigan taxpayers can rely on and trust. Call us now at 1-866-668-2953 for any personal/form 1040 tax help that you need.
Unable to Pay Your Personal Taxes to the IRS or State of Michigan in Full?
Michigan taxpayers that are wage earners need to make sure that they are properly withholding based on not only the number of dependents that they have, but also taking into account other wages they receive, or any other taxable income for the year. One thing that happens to many wage earners is that they unintentionally under-withhold from their paychecks. Because our tax system is based on tax brackets, multiple sources of taxable income may push you into a higher tax bracket, leading to more tax due than you were expecting or withholding for.
If you have found yourself in a situation where you owe back taxes that you are unable to pay in full, contact our office to discuss the different options available with the IRS and State of Michigan for resolving your personal tax debt. Both the IRS and the State of Michigan have multiple programs available, including IRS installment agreements, non-collectible status, and Offer in Compromises. After a review of your individual circumstances, we can advise you on which tax resolution options you qualify for and the pros and cons of each. We will then work with the IRS to get your resolution in place. We will also assist you with making any necessary adjustments to your current income to ensure that you are properly withholding enough Federal and state taxes for the current tax year.
It is very important to seek tax help as soon as you realize that you are going to owe a back tax debt. Failure to resolve your delinquent tax problems can have severe financial and possibly legal consequences. Some taxpayers discover that they will have a tax debt that they cannot pay, so they do not file their return at all. However, not filing your taxes will not only lead to increased interest and penalties, but it may also result in the IRS preparing your tax returns for you. These tax returns will not include any deductions or dependents and generally result in a much higher tax liability than you would have owed had you filed your original tax return.
Tax Resolution Versus Ongoing IRS/Michigan Collections
If you continue to owe a tax debt with the IRS and the State of Michigan that you do not resolve, you may be subject to enforced collections, including both agencies sending wage garnishments to your employer. These wage levies will leave you little to nothing from your paycheck to live on. The levies will remain on your paycheck until the IRS or State of Michigan has been contacted and resolution has been established. In the meantime, you may find yourself in a situation where you are unable to pay for basic necessities for your children and family. We can’t let this happen!
The IRS and State of Michigan may also issue tax levies against your bank account or seize your individual assets. They may issue tax liens or assign a revenue officer to your account. Any one of these can cause a crippling effect on your financial, emotional, and physical well-being.
Do not let the IRS or State of Michigan become a burden on your life. Contact our office today for a free tax consultation to review your situation and create a plan for resolving your back tax debt today. Let AUSTIN & LARSON Tax Resolution assist you now with your individual/1040 tax filings. 1-866-668-2953 in Howell, MI, Jackson, MI, and Saginaw, MI.