The easiest way to understand the difficulty people are having with back taxes is by looking at this year’s tax season. Many Americans are finding it hard to pay their taxes, and there is a reason for that. As a matter of fact, there are multiple factors that have affected the increase in unpaid taxes. These changes have made paying off back taxes very difficult.
COVID-19 Pandemic
We get it, and we don’t blame you either. The COVID-19 pandemic has taken a disastrous toll on the entire world, not just this nation. As a result, unemployment skyrocketed and left individuals and families struggling to provide for themselves and their kids. With very limited income, these taxpayers have no leftover income to pay off the back taxes that they owe.
Compound Interest
In addition to the inability to make any payments to the IRS, interest is compounded every single day until the debt is paid off. Interest, penalties, and fees have rendered back taxes even more taxing to pay off (pun intended). The IRS has made paying off tax balances a very time-sensitive activity. Taxpayers may realize their $6,000 tax debt is no longer that amount after checking back on it three months later.
Resolve Your Back Taxes Today
The world is not so black and white. There are many other underlying factors that can affect the ability to pay off taxes but interest and a worldly pandemic have been the main culprits as of late. Fortunately for many Americans, there’s a relief program that consolidates many major relief programs into a one-size-fits-all assistance program; The IRS Fresh Start Program. Our clients are referred to our Fresh Start Program in order to avoid bankruptcy, acquire debt relief, and settle their debts in a quick manner. Let us give you a helping hand today!
How Simple Is Qualifying?
Considering that the Fresh Start Program is a federal program, you would think meeting the qualifications may be very difficult, but really, it’s a lot simpler and quicker than you think. Take the following steps in order to find out if you are eligible in as little as 3 minutes.
- Fill out some basic information about yourself and your back taxes here.
- Have a representative reach out to you to discuss your eligibility.
- Go through the enrollment process and finally reduce or eliminate your tax liabilities.
