Vegas cash home buyers are no strangers to the challenges people face when they are behind on taxes. If you’re behind on your taxes, you may want to reassess your tax payment plan. If you’ve fallen behind on your taxes, the IRS will likely pursue you to collect the money. If you’re self-employed, you’re responsible for filing taxes every quarter. If you fall behind on your taxes, you can potentially face jail time. To avoid all that you could consider selling your house to Vegas cash home buyers.
If You’re Behind On Taxes
If you’re behind on your taxes, it can be a stressful time. You may be worried that you’ll be sent to jail or that the IRS will repossess your home. But you shouldn’t panic, because there are several options to pay your taxes and get your credit score back on track.
First, you should file your taxes as soon as you can. Even if you can’t afford to pay the entire amount at once, you should still file and pay them. You can use tax software to do this or hire a tax resolution professional to do it for you. An expert in this field will be able to help you find credits and lower your tax bill. Filing your taxes late only makes matters worse. In addition, filing late means that you’ll pay interest.
Another option is to apply for a personal loan to pay the balance. These loans usually have a fixed monthly payment and will not affect your credit score as negatively as credit card payments or IRS payment plans.
If You Ignore The IRS
If you ignore the IRS, you may be in serious trouble. IRS enforcement actions can result in jail time if you fail to pay your taxes on time or falsify information. However, if you have a good representative, you can limit the amount of time the IRS contacts you. You should also consider paying your tax debt over a longer period of time.
Most audits are done by mail and focus on one or two items on your tax return. The IRS will ask you to provide proof of those items. For instance, it may request to see proof of income you left off your return or that doesn’t match the rest of the information on your return. Normally, you have 30 days to respond. If you don’t respond, the IRS will make changes to your tax return.
If You Don’t File An Extension
Whether you owe your state, federal, or local taxes, an extension may allow you to get additional time to complete your returns. If you miss the April deadline, you could face a failure to file penalty that can add up to 25% of the total tax bill. In addition to penalties, you could also face interest charges. While an extension may help you file your taxes sooner, it may also lead to more penalties.
You may miss your tax deadline due to major life events. For instance, you may have moved or lost a loved one. Or, you might have married or divorced. During these times, it may be difficult to deal with your situation in time. However, an extension will give you time to deal with your new situation.
When filing an extension, you need to understand the rules of your state. If you’re unsure of your state’s rules, do a quick search online. Having your last tax return and a rough draft of your tax return will also be helpful.
Could You Go To Jail?
It may seem impossible to go to jail for being behind on taxes, but it can happen. The IRS has several ways to get their money back from taxpayers who do not file their taxes on time. One way is to garnish wages or put a lien on a home. Both methods can affect the sale proceeds of the property. Additionally, failing to file taxes can damage your credit score and make it harder to obtain loans in the future. While being behind on taxes is not necessarily criminal, it is not advisable to ignore it and risk losing your home or car.
The IRS can put a lien on your property if you do not pay your taxes. They can also seize cash or personal property if the amount is greater than $40,000. If you are behind on taxes, you should avoid lying to the IRS because it is considered an obstruction of justice.
What If I Want To Sell My House To Vegas Cash Home Buyers?
Give Us a Call to Get Your Cash Offer. Getting a cash offer for any home has never been easier. In fact, it takes just a few hours to get an offer from Alex Buys Vegas Houses from the time you fill out the form. If you want to sell the house quickly and need to move within days, make sure to mention it in the form. Our team will then work with you accordingly to ensure that we can close the sale in the shortest time possible.
Contact us today, and we’ll not only give you a cash offer for your home in Vegas but can also help you decide if selling to us is the best option for a person in your situation. Our consultation is free and comes with no strings attached.