In America, there are millions of people who owe money to the IRS. Whether they have penalties to pay or simply aren’t paying their taxes, the consequences can be dire. So why do so many people not pay the taxes they owe?
1. Life Disruption
This can be a lost job, an illness or hospital stay, or any other surprising and threatening life matter that drains your bank account. Often, when this happens, all of our earnings and savings go towards the disruption, leaving no money behind to pay our taxes.
2. Feeling Overwhelmed
Taxes can be daunting, and for many Americans, just the thought of getting paperwork together is enough to send them over the edge. For this reason, many just avoid taxes altogether. It’s important to note, though, that avoiding your taxes will cause a much bigger headache down the line. Speaking with a tax professional can help lessen that overwhelming feeling and get you on the right track with the IRS.
3. Failure to File
The first step to paying your taxes is to file a return. Quite possibly the most common pitfall people face is they fail to file. All working Americans under 65 who make at least $10,000 a year as a single filer must pay their taxes every single year. Don’t make the mistake of not filing or you will face the consequences.
If you have fallen behind on your taxes or have any of the above pitfalls occurring in your life, talk to a tax professional like Levy Tax & Associates as soon as possible. We will help you work out your problems with the IRS and get you on the right path to success. Contact us today.
Levy & Associates is available for free initial consultations. We’re happy to answer any questions you have about the audit process or address any concerns about your specific situation.
There’s never a good time to be audited, and the time-consuming process will take away from your business or family if you try to face it alone. Let us handle and coordinate communication, so you can return to your daily life.