What (not) to do...

Local - Trusted - Certified Public Accounting Firm of Nelson & Company P.S.
2010 65th AV W Fircrest, WA 98466 - 253-752-9522

Things might not be as bad as you think - they can be worse.

The IRS of today, in the age of modern technology, has computers doing what agents used to do by hand - leaving those agents and revenue officers more time and resources to focus on collection. If you are in their sights, you need to act. Now.

The first thing you need to do is make sure your numbers are right. Have a tax professional review your return. Self-filers often miss deductions (as do tax-in-a-box preparers). Once you confirm how much you owe, you need to decide what to do.

Depending on how much you owe, you might consider borrowing money from your bank or other financial institution. While you can go to the IRS web site and start your own installment plan, you should first consider the penalties and interest. Even with a plan, penalties and interest continue to add up - some much faster than credit card interest - so you need to act fast. Even with a transaction fee, it may be best to pay your tax debt with a credit card. A tax professional (one who is on your side) can best advise you.

Consider your options, but no matter which way you go, make sure you know how much you really owe. The longer you wait, the higher your tax bill. Did you know the IRS is the only collection agency that can take your retirement? Social Security, 401Ks and IRAs are not "safe" from them.

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