Over Twenty Million Americans Owe Back Taxes

Did you know that over twenty million Americans haven’t satisfied their income tax liability?

Yes, a sobering statistic indeed, Twenty million is the result for sure, but realize that there are a plethora reasons why over twenty million Americans are unable to pay back their taxes.

In a ever uncertain economy, with the mounting job losses, downsizing and companies shutting down and running out of money left and right. Not only do people suffer without having a steady flow of income, the cash flow that is needed for basic expenses, but they do not have an ability to pay any owed back taxes to the Internal Revenue Service.

What many Americans do not realize, with the IRS, is that they do not recognize a a bad economy as they have to make sure that all debts are collected in one way or another. Unfortunately, in some cases this means that the Internal Revenue Service will make harsh attempts through levies, seizures and wage garnishments. Did you ever watch the movie The Pursuit of Happyness and notice how Chris Gardner, Will Smith’s character had his bank assets frozen and then seized by the IRS? The Internal Revenue Service has one task and one task only. Collect taxes in ANY way possible, even if it means levying hard earned assets and income.

Although their harsh collection taxes paints a connotation that the IRS is all evil, there is a light in the darkness. As you should know, the IRS needs their tax money, but willing to work arrangements with you on how they receive their money. There are several different programs that the Internal Revenue Service has created for those who just cannot flat out pay all of their taxes in a lump sum. You can pay in payments through the Installment Agreement Program. If you cannot afford an outrageous tax bill, Look into an Offer In Compromise letter, which if approved can let you pay a small chunk and be relieved of the rest of the tax liability. You can also look into a deferment, which would delay any IRS proceedings on any owed liabilities.

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