What Happens If Your Tax Debts? Essay
Learn How to Settle Your Tax Debts
Owing tax debt can be a frustrating and costly endeavor. Guy La Monica, and his colleagues at RKL Tax Services LLC have options to offer you if you are one of the many tax payers with tax debt. Contact his office today to work with an accountant or Tax Preparer who understands what all of your options are, and meet with someone who can provide you with realistic solutions.
What is Tax Debt?
Tax debt is the condition where a tax payer owes money to the federal government as a result of not paying their taxes, not filing their taxes, or not filing their taxes correctly. It is estimated that nearly twenty percent of Americans do not pay their tax debts every year. Some people do not pay on the taxes that they owe because they cannot afford to, others are simply negligent in making their necessary reparations.
What Happens if Your Tax Debt Goes Unpaid?
Tax debt that remains unpaid for a length of time can result in serious consequences for the tax payer. When the government determines that you owe them tax money, their first course of action is usually a tax lien on your property. This means that any property that you own can be taken as payment for the money due. Once that occurs, if the debt is still not settled, the government will enforce a levy to seize the property. If the issue continues, the delinquent tax payer will find themselves facing steep fines and even imprisonment. If you are in…