LOS ANGELES, March 30, 2020 /PRNewswire-PRWeb/ -- The
U.S. Internal Revenue Service reported in 2018 that over 14 million
Americans owed over $131 billion in
back taxes, penalties, and interest, according to an
Investopedia.com article. Even if they owe the government thousands
of dollars, millions of Americans still continue to fall behind
their taxes. With tax season in full season, Platinum Tax Defenders
reminds taxpayers of the importance of remaining in good standing
with the IRS.
"There are so many reasons why taxpayers continue to fall behind
on their taxes," says Sherri
Gastellum, CEO of Platinum Tax Defenders. "But the longer
you go without paying back taxes, the worse your situation is going
to become. We want to encourage all taxpayers who've fallen behind
on back taxes to give us a call for assistance. These are trying
times for the nation as a whole, and our goal is to help ease the
burden with tax resolution assistance for all taxpayers."
While many people fall behind on taxes because of financial
hardship, others simply fail to file or pay because life gets in
the way.
"Being busy is not a reason to get behind on filing or paying
back taxes," adds Gastellum. "If you are unable to pay because of
financial hardship, the IRS has programs to assist, but you should
still plan to file. If you are failing to file or pay simply
because you have too much going on, the IRS doesn't offer any grace
in that case."
Here are a few common reasons that taxpayers get behind on their
taxes.
Failure to File
Failing to file taxes is a common mistake that many taxpayers make.
Typically, once you reach a certain income level, you are required
by law to file taxes.
Underwithholding
The law typically requires that employers withhold taxes from
employees' paychecks. However, employees don't always know if their
employers are withholding enough from their paycheck throughout the
year. If they don't, they'll likely owe the IRS in what is
considered under-withholding.
Estimated Tax Payments
Business owners, entrepreneurs, and people who are self-employed
must pay their taxes on a monthly or quarterly basis, depending on
their income and estimated payments. If taxpayers who fall under
these categories fail to make estimated tax payments throughout the
year, they may end up with a large tax liability at the end of the
year, which could lead to hardship and the inability to pay back
taxes.
Platinum Tax Defenders also notes that some taxpayers fall
behind on their taxes due to family emergencies or personal crises.
Other times, taxpayers aren't clear on tax laws and may claim
exemptions, deductions or credits for which they are not qualified.
In any case, Platinum Tax Defenders reminds taxpayers that the IRS
will eventually catch up with you if you fail to file or pay back
taxes. Once the IRS knows you owe money, they can go through
various lengths to collect it, including bank levies, tax liens,
wage garnishment, and more.
For taxpayers who are looking to get back in good standing with
the IRS, Platinum Tax Defenders can help. For a free consultation,
visit our site.
About Platinum Tax Defenders
A subsidiary of Cardiff Lexington Corporation (CDIX), Platinum Tax
Defenders has been helping taxpayers navigate the filing and paying
back taxes to the IRS since 2011. The top tax defenders' tax
resolution services have successfully saved their client's
thousands of hundreds of dollars in tax debt. The professionals at
Platinum Tax Defenders have experience working with business
owners, entrepreneurs, individuals, and small businesses. Platinum
Tax Defenders offers a wide variety of tax resolution services,
including helping taxpayers file and pay back taxes. The experts at
Platinum Tax Defenders want to get their clients back in good
standing with the IRS. For more information call 866-866-8053.
SOURCE Platinum Tax Defenders