Will I go to jail if I owe taxes?
Generally, No. You can go to jail for not filing taxes, and you can go to jail for lying on your tax return, but you can’t go to jail for not having enough money to pay your taxes.
Is an offer in compromise right for me?
The offer in compromise is a great choice for paying up your tax debt. This option requires you to demonstrate financial hardship and may not be suitable for everyone. However, before you make the decision, you have to get expert tax help to guide you through the negotiation process.
How long will it take to resolve my tax debt?
The time to resolve tax debts depends on the complexity of your situation and the specific solution you choose. It can range from a few months to several years. Working with a tax professional like the IRS Guys helps speed up the process and ensures it is handled efficiently.
How do interest and penalties affect my tax debt?
Interest and penalties accrue on your tax debt, so you have to pay it all with your debt. However, working with a tax professional may potentially reduce your overall tax debt if you qualify for certain debt relief.