I wholeheartedly support the idea of individuals burdened with tax debt taking control of their lives and confronting the issue proactively. Our research indicates that more than 70% of taxpayers facing tax debt take steps to address it. Among them, 20% attempt to manage it independently, while merely 10% seek professional assistance. This prompts the question: How should a taxpayer determine whether to handle the situation on their own or seek aid? Here, we present five crucial factors to contemplate when addressing past owed taxes. The first four necessitate a candid and accurate self-assessment, while the fifth involves evaluating a competent professional’s potential assistance in managing the matter.
Kelly Coughlin, CPA,
CEO, EveryDayCPA.com
Founder,TaxRxCenter.org