For reasons that aren’t worth describing here, I’m in trouble. Whereas I once made six figures, I now make a roughly average income. Worst still, I owe a lot of money in back taxes – taxes owed for when I was making good money. In all, I owe about $127,000, according to an accountant. I don’t have that kind of money! What can I do?Sunday, June 10th, 2007
Unfortunately, yours is an all too common situation. American taxpayers who fall on hard times often have difficulty paying their back taxes.
It happens. But it doesn’t mean the end of your life, and it certainly doesn’t mean financial ruin.
The first thing you should do is consult a qualified tax professional. Oftentimes, the amount owed to the IRS is inflated due to a variety of reasons, and there