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8 Reasons Why You Owe Tax Debt

8 COMMON REASONS WHY PEOPLE OWE TAX DEBT %24 There are many reasons why people have tax debt and the most important thing is that you receive professional assistance. Here are 8 of the most common reasons why people owe tax debt. 1 YOU DID NOT FILE YOUR TAX RETURN It is not against the law to have tax debt, but it is against the law not to file a tax return when you surpass certain minimum income requirements. FILING YOUR TAX RETURN INCORRECTLY 2 Whatever the reason, these mistakes can be costly and you may owe the IRS more than initially planned for. Accuracy penalties can reach up to 75% of the tax debt! 3 SELF EMPLOYED TAXPAYERS Often times, business owners do not pay their quarterly Estimated Tax Payments (ETP's) during the year. TAXES EARLY WITHDRAWAL FROM 4 RETIREMENT FUNDS The government imposes a 10% fee for 401(k) IRA withdrawals before the age of 59 1/2. Many taxpayers are not expecting this fee and get caught owing this money too. 5 UNDER-WITHHOLDING Some taxpayers choose not to withhold enough taxes through their pay checks every month, and when they file at the end of the year, they don't have the money to pay the IRS the difference. IRS AUDIT DEPENDENT The IRS may examine your tax returns in more detail to determine if your returns have been accurate and that the correct moneys were collected. UNCLAIMED INCOME ON RETURNS, OR GAMBLING WINNINGS If you have unclaimed income or gambling winnings, this income may be subject to tax and must be included in your tax return. CLAIMING A DEPENDENT THAT ISN'T 8 RIGHTFULLY THEIRS TO CLAIM There are a number of rules regarding claiming tax for dependents which could be confusing. If one does not know the rules, it is easy to complete your returns in error and later be penalized if the IRS finds that your claim was inaccurate. CuraDebt Tax Alliance People have chosen CuraDebt to handle their tax debt for a number of reasons. Weare in full legal compliance with the IRS when it comes to handling your case and ensuring that you receive the best possible resolution on your tax debt CuraDebt has more than 14 years ofexperience in the debt relief industry, an "A+"rating with the Better Business Bureau, and more than 615 Five Star reviews on CuraDebt has also been a 2014 and 2015 member of the International Association of Professional Debt Arbitrators and amember ingood standing with the American Fair Credit Council. Free Consultation

8 Reasons Why You Owe Tax Debt

shared by CuraDebt on Oct 26
Owe Money To The IRS And Need Tax Debt Relief? Are you in the situation the state taxing authorities or IRS are requesting money that you pay money? Maybe you feel that the money is owed or maybe you...




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