“I owe more in back taxes than I can pay. Now what?”
Each year, anywhere between 7 and 11 million Americans utter some version of this sentence. There are myriad reasons for this, ranging from poor planning, losing a job, a slowdown in your business and other unexpected life events. Regardless or why the delinquency happened, there are a couple of important things for those who are behind on their taxes to remember as they navigate this thorny problem.
1. You are not a terrible person.
There is a multi-million-dollar economy dedicated to making you feel like a monster for being delinquent on your taxes. The “tax resolution industry” uses scare tactics and propaganda to scare taxpayers into spending thousands. We started Wiztax to push back against this narrative of fear and shame. Good people fall behind on their taxes each year by the millions. Don’t let anyone shame you for being overwhelmed. And don’t let fear drive you into wasting thousands of dollars.
2. You have options.
The IRS has multiple programs to help citizens who have fallen behind on their taxes. The IRS has what is called an Offer in Compromise, which allows delinquent taxpayers to settle with the IRS for less than what they owe. The IRS also offers Payment Plans to make paying off delinquent taxes more manageable. For those who have encountered an unexpected adversity and cannot pay back taxes, the IRS offers Hardship Status – where no payments are expected. These options can be confusing, but they are not something that requires a lawyer or tax resolution firms scaring you into paying thousands of dollars. Which leads us to….
3. It’s not a negotiation.
Tax lawyers and tax resolution services love to make it sound like you can save thousands of dollars on your tax bill by calling “the experts.” At Wiztax, we were those experts, and we can tell you there’s no secret back room deal going on to lower your tax bill through an Offer In Compromise. It’s a simple formula. The IRS decides it. Everyone who applies for it and gets it is run through the predetermined formula. Those tax experts who “fought hard for you” filled out a form. It took them 20 minutes. We’ll walk you through it. It will take you the same 20 minutes it took them, and it will save you thousands.
4. You can do this.
Tired of the bad reputation the tax resolution industry has garnered, we set out to make a difference. Developed by Tax Lawyers and former IRS Collection Officers with decades of experience, we created the Wiztax system to allow anyone to start the process of getting their tax issues resolved immediately.
Get Started today to see how we can help you.
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