Do You Owe Federal Taxes You Can’t Pay?

Federal taxes owed

According to the Cato Institute, there are about 1.2 million tax preparers in the United States. They exist to help people do their taxes each year. Americans have been paying taxes since even before 1776. Back then they were paying taxes to the United Kingdom. Then the Boston Tea Party happened and we all know the outcome of that. Freedom from England and taxes. However, freedom from taxes didn’t last long. In 1787, the U.S. Constitution gave the United States Government the authority to tax its citizens then. But income taxes were not imposed until the Revenue Act of 1861. The good news is there are exemptions are available for some things, like certain incomes, on certain properties and even for people.

If you owe federal taxes the best thing to do is pay them as soon as they are due. If you haven’t done that in the past and now you have federal tax problems you can go to experts for help. Say for instance that the IRS has sent you a letter of their intentions to impose a federal tax levy, you can go to a tax resolution firm to find ways to get federal tax relief. If you owe federal taxes you will want to do this as soon as possible. When people owe federal taxes that they can’t afford to pay there are various solutions that a tax specialist can tell you about. For instance, one thing that can be done if you owe federal taxes is to negotiate with the IRS to lower your tax bill. Making an “offer in compromise” is one way to do that.

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