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Considering Not Filing a Tax Return Because of a Large Balance Due?
That's the worst thing to do!
Its common for people to think that if they avoid filing the tax return that IRS won't "find them out" but IRS already knows about your income.
Here is what I suggest you do instead...
File the tax return on time and send in a payment of $100 (even if you owe $50,000). This accomplishes two very important things in your favor. First, it takes the 25% failure to file penalty off the table, saving your case significantly. Second, it shows the IRS that you have made a good faith credible attempt to pay something.
Next, you need to work with a tax resolution professional (Attorney, CPA or EA) to address the remaining balance. Work with a pro who is familiar with the IRS Fresh Start Initiative which includes programs to resolve the debt. One program offers a tax debt settlement for up to 85% less than the original amount due including penalties and interest (If you qualify).
How do you know if you Qualify?
In chapter 10 of my book "Get the Taxman Off Your Back" I explain what the qualifications are. Get a free pdf copy by CLICKING HERE. Alternatively you could contact me at Tax Crisis Rescue and I will tell ... more
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