INCOME TAX PROBLEMS
Personal debt of any kind can be tough to deal with, but income tax problems can be especially difficult. The IRS isn’t just any normal debt collector – they can seize money directly from your bank with little notice if your debt isn’t resolved soon.
Income tax is due every year on April 15th. When you’re a W-2 employee, your employer withholds the tax you need to pay throughout the year, and as long as they withhold enough, you shouldn’t owe any tax in April. However, if you’re a 1099 contractor, you’re responsible for reporting your income and paying the tax. If you don’t, the IRS may adjust your return to reflect the 1099 income. When this happens and taxes are due, if left unpaid, the debt can accumulate penalties and interest beyond the original liability.
20/20 works with taxpayers to resolve income tax issues by negotiating installment agreements and offers in compromise to keep their tax account in good standing with the IRS. 20/20 also works to abate (have forgiven) any penalties associated with the tax debt to reduce what is owed as much as possible.
Contact us today to find out how we can help!
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