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Individual Tax Problems—NYC, New York

Failure to Pay Your Individual Taxes May Be Disastrous to Your Future Finances.

If you earn more than $10,300 as a single person living in New York or $20,600 for married couples filing jointly, you may face individual tax problems. You may also need to file a tax return if you have health coverage provided by the Affordable Care Act. If not, you may run into problems with state and federal tax agencies—and your future finances.

Keeping current and compliant on your taxes takes a great deal of time and effort, and we often see well-intentioned taxpayers fall behind because they’re overwhelmed by how much they owe or the prospect of dealing with the IRS. But becoming delinquent on your taxes may result in collection efforts or penalties levied against you and your family.

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How Tax Authorities Can Collect Your Back Taxes

If your tax bill goes unpaid and you don’t make arrangements to pay your debt before the due date, the first step in the forcible collection of your debt is a tax lien on your New York-area property, which is how the IRS protects the debt.

A lien is a legal claim against your real estate, personal property, and financial assets, filed via a public document known as a Notice of Federal Tax Lien. The lien alerts your creditors and finance companies that the IRS has a legal right to your property to the extent of tax you owe and remains in effect until the taxes are paid in full or other arrangements are made. Liens can damage your credit and make it impossible to move forward in your financial life.

Once a federal or state tax lien is filed, you may also face the possibility of a tax levy to legally seize your property and assets to satisfy your debt. A levy can freeze your bank account, garnish your wages or seize your assets, including your retirement accounts, state and federal income tax returns and stock accounts, and property, such as your home, car or boat.

If you face a levy or lien, it’s important to deal with your individual tax problems as quickly as possible to minimize the impact on your finances.

Tax Penalties Associated with Individual Tax Problems

Federal, state, and local authorities can also assess penalties for failing to pay to your taxes. The penalties increase your tax bill, making it even more difficult to catch up on back taxes and stay on top of current tax obligations. Taxing agencies have more than 100 possible penalties they can assess, some assessing up to 75 percent of the tax amount you owe. And a variety of enforcement techniques to collect them.

The best way to avoid tax penalties is to file your taxes on time and set up a payment plan if you can’t pay them right away. You will almost always end up paying more when you don’t file on time. Plus, if you only focus on what you already owe, you will never stay current. And if you only focus on your current taxes, then you’ll never address what’s past due. Don’t let tax penalties add to your individual tax problems.

Expertise to Resolve Your Individual Tax Problems

True Resolve offers you the right expertise, experience, and integrity you need to deal with delinquent taxes. Don’t wait one minute longer to get in front of your tax problems. We guarantee the information and tools you need to keep your finances running smoothly.

Call today to speak with one of our Licensed Tax Experts 716-634-6200