“There are so many reasons why taxpayers continue to fall behind on their taxes,” says Sherri Gastellum, CEO of Platinum Tax Defenders. “But the longer you go without paying back taxes, the worse your situation is going to become."
LOS ANGELES (PRWEB) March 30, 2020
The U.S. Internal Revenue Service reported in 2018 that over 14 million Americans owed over $131 billion in back taxes, penalties, and interest, according to an Investopedia.com article. Even if they owe the government thousands of dollars, millions of Americans still continue to fall behind their taxes. With tax season in full season, Platinum Tax Defenders reminds taxpayers of the importance of remaining in good standing with the IRS.
“There are so many reasons why taxpayers continue to fall behind on their taxes,” says Sherri Gastellum, CEO of Platinum Tax Defenders. “But the longer you go without paying back taxes, the worse your situation is going to become. We want to encourage all taxpayers who’ve fallen behind on back taxes to give us a call for assistance. These are trying times for the nation as a whole, and our goal is to help ease the burden with tax resolution assistance for all taxpayers.”
While many people fall behind on taxes because of financial hardship, others simply fail to file or pay because life gets in the way.
“Being busy is not a reason to get behind on filing or paying back taxes,” adds Gastellum. “If you are unable to pay because of financial hardship, the IRS has programs to assist, but you should still plan to file. If you are failing to file or pay simply because you have too much going on, the IRS doesn’t offer any grace in that case.”
Here are a few common reasons that taxpayers get behind on their taxes.
Failure to File
Failing to file taxes is a common mistake that many taxpayers make. Typically, once you reach a certain income level, you are required by law to file taxes.
The law typically requires that employers withhold taxes from employees’ paychecks. However, employees don’t always know if their employers are withholding enough from their paycheck throughout the year. If they don’t, they’ll likely owe the IRS in what is considered under-withholding.
Estimated Tax Payments
Business owners, entrepreneurs, and people who are self-employed must pay their taxes on a monthly or quarterly basis, depending on their income and estimated payments. If taxpayers who fall under these categories fail to make estimated tax payments throughout the year, they may end up with a large tax liability at the end of the year, which could lead to hardship and the inability to pay back taxes.
Platinum Tax Defenders also notes that some taxpayers fall behind on their taxes due to family emergencies or personal crises. Other times, taxpayers aren’t clear on tax laws and may claim exemptions, deductions or credits for which they are not qualified. In any case, Platinum Tax Defenders reminds taxpayers that the IRS will eventually catch up with you if you fail to file or pay back taxes. Once the IRS knows you owe money, they can go through various lengths to collect it, including bank levies, tax liens, wage garnishment, and more.
For taxpayers who are looking to get back in good standing with the IRS, Platinum Tax Defenders can help. For a free consultation, visit our site.
About Platinum Tax Defenders
A subsidiary of Cardiff Lexington Corporation (CDIX), Platinum Tax Defenders has been helping taxpayers navigate the filing and paying back taxes to the IRS since 2011. The top tax defenders’ tax resolution services have successfully saved their client’s thousands of hundreds of dollars in tax debt. The professionals at Platinum Tax Defenders have experience working with business owners, entrepreneurs, individuals, and small businesses. Platinum Tax Defenders offers a wide variety of tax resolution services, including helping taxpayers file and pay back taxes. The experts at Platinum Tax Defenders want to get their clients back in good standing with the IRS. For more information call 866-866-8053.