Tax Debt Basics

The basics about taxes, the IRS, and things you’ll run into with tax debt.

Let’s fact it, taxes are pretty intimidating. From filing questions to a fear of getting audited, there’s not much that’s positive when it comes to taxes – apart from your yearly return, of course. Most people wind up just leaving it to a professional and just spending the check once it comes through.

But what do you do when you run into problems? If you don’t understand the basics about your taxes and how tax debt works, then you can have a hard time knowing what steps to take to get out of debt and regain control. With that in mind, we’ve put together information that helps you build a foundation of knowledge about the problems you’re facing.

We’ve put together the information below so you can start to understand the basics when it comes back taxes and your unpaid tax debt. If you’re struggling with tax debt, call us today at 1-888-470-4531 to connect with a professional or fill out the form to the right to ask for help now.

What is tax debt?

When it comes to debt, tax debt is a little unique. Learn how you get tax debt, how it grows even if you file an extension, and when it becomes a problem. We’ll tell you everything you need to know when it comes to IRS tax debt and what happens when you start to have problems so you can make a plan to eliminate your issues.

What a tax extension really means

Most people just assume that a tax extension is a free ride to file your taxes late, but being late can actually be really costly even if you file late – even with an extension. Learn what happens when you file an extension with the IRS and why it’s in your best interest to pay up to the IRS as quickly as possible to avoid interest charges.

How payroll withholding can cause tax debt

For many workers in the U.S., a tax refund is almost a given every year once you file your tax return. But if your employer doesn’t withhold the right amount from your paycheck, you could find yourself on the hook for a big bill instead of a big payout. Learn how payroll withholding can lead to problems with tax debt.

Understanding an IRS tax audit

It’s one of the scariest five-letter words in the American financial industry: audit. But is it really as scary as you think? Learn what happens when you get audited, what all of that complicated language in your audit notice really means, and what you need to do to get though without going crazy with stress.