Individual Taxes: Penalties

The only things worse than tax debt are the penalties that can accrue on top of it. You may have received a tax bill from the IRS with some outrageous additional penalties tacked on. But there are ways to address these.

When you owe back taxes, state issued tax penalties can quickly become a reality. Each state across the country has its own unique laws pertaining to how it imposes tax penalties. These penalties can be quite a shock as they add up quickly - they can even double your tax bill over time.

When you're running a business, it's not uncommon for things to slip through the cracks. Unfortunately, employment taxes are often one of these things. If you have failed to pay employment taxes when they are due, you are at high risk for a Trust Fund Recovery Penalty.