Are you wondering how much you owe the IRS? Unpaid taxes can quickly spiral into a stressful situation, but you don’t have to face it alone. Understanding your tax liability is the first step to taking control of your finances, and our tax relief services are here to help you navigate this process with ease.
In this guide, we’ll show you how to determine what you owe, explore the consequences of unresolved tax debt, and share how our tax relief company can help you regain financial freedom.
How to Find Out What You Owe the IRS
Determining your tax liability can feel overwhelming, but the IRS provides several tools to help. Here’s how you can find out what you owe:
1. Use the IRS Online Account
The IRS’s online account system allows you to:
- View your total balance, including penalties and interest.
- Access payment options and installment agreements.
- Review recent IRS notices.
You’ll need your Social Security number (SSN), filing status, and access to your most recent tax return to set up your account. While this tool is useful, it doesn’t provide personalized advice. That’s where we step in—our experts can interpret your account details and create a plan tailored to your financial situation.
2. Call the IRS
Prefer speaking to someone? You can call the IRS at 1-800-829-1040. Be prepared to provide your SSN and recent tax return details for verification. Keep in mind that wait times can be long, and IRS representatives won’t always explain all your options.
3. Review IRS Notices
The IRS sends various notices, but some demand immediate attention due to the severe consequences of inaction. Notices like LT11 or CP90 are final warnings before enforcement actions such as wage garnishments, bank levies, or property seizures begin. These are the most urgent and require immediate action to protect your assets. Other notices, like CP71C or CP171, serve as reminders of outstanding balances but can escalate to enforcement if ignored.
Consequences of Unresolved Tax Debt
Unpaid tax debt can lead to serious financial and legal issues, including:
- Penalties and Interest: Penalties can accrue up to 25% of the unpaid amount, with daily interest compounding the total owed.
- Wage Garnishments: The IRS can take a portion of your paycheck to satisfy your debt.
- Bank Levies: Funds can be seized directly from your bank account.
- Property Liens: The IRS can place a lien on your assets, affecting your credit score and ability to sell property.
These consequences highlight the importance of taking swift action. The good news? Our team specializes in protecting your assets and finding the best resolution for your situation.
How Our Tax Relief Services Can Help
At Precision Tax Relief, we understand how overwhelming tax debt can feel. That’s why we offer comprehensive services designed to provide you with relief:
1. Negotiating With the IRS
Our experienced team will handle all communication with the IRS on your behalf. Whether it’s setting up an installment agreement or disputing an inaccurate tax bill, we’ll advocate for the best outcome for you.
2. Exploring Tax Relief Programs
We’ll help you access programs that fit your financial situation, including:
- Installment Agreements: Spread your payments over time.
- Offer in Compromise (OIC): Settle your debt for less than you owe.
- Currently Not Collectible (CNC) Status: Temporarily halt IRS collections if you’re experiencing financial hardship.
3. Reducing Penalties and Interest
We’ll work to reduce or eliminate penalties and interest wherever possible, saving you money and stress.
4. Protecting Your Assets
Our experts will take immediate steps to stop wage garnishments, bank levies, and property liens, giving you the peace of mind you deserve.
Why Choose Us?
We’ve helped thousands of clients resolve their tax debt and regain financial freedom. Here’s why we’re the right choice:
- Proven Results: We’ve saved clients millions of dollars by negotiating favorable settlements with the IRS.
- Tailored Solutions: No two tax situations are alike. We create personalized plans to meet your unique needs.
- Transparent Pricing: Our services are affordable and designed to save you money in the long run.
- Dedicated Support: From start to finish, our team is with you every step of the way.
Take Action Today
The longer you wait to address your tax debt, the more penalties and interest will accrue. Don’t let this problem grow out of control. Contact us today to take the first step toward financial relief.
