Penalties and Interest? If you are late filing, each month that passes tacks on an interest rate of 5%. That can rise up to 25%. Interest for unpaid taxes is 6% per year. That can add up very quickly, especially when you don't file. In the IRS Hitman business, I've seen people with $50,000 dollars of tax debt that started at about $3000 dollars. If you don't keep up to date with filing, your situation can jump from bad to worse almost instantly. But what happens if you're already there?

Between a Rock and a Hard Place: You may already be dealing with a situation like this. Maybe you missed a few years of filing. Maybe you knew you were going to owe and you didn't have the money to pay so you just didn't file. But whatever the reason, you've fallen into a world of trouble. The best thing for you to do in this situation is to get help.

The Best Help: If you feel like you penalties and interest are unjust, you may qualify for penalty abatement. This is a program that the IRS offers that can remove a portion of the penalties and interest, as long as you can prove that you had a "reasonable cause" to not pay them. These include natural disaster, serious illness to family member, death of a family member, and more.

Who Can I Trust? If you need assistance getting this issue resolved, you'll probably hear from several tax resolution companies. Picking someone to handle something as delicate as your finances is never easy. Some companies out there are built on empty promises. You need a company built on experience, knowledge, and integrity. Before doing anything with a company, check them out with the Better Business Bureau and Dun and Bradstreet.

Crunch Time: With interest and penalties, time is everything. You need to get your tax issue resolved as soon as possible. It's not going to go away. So don't be afraid to get the help you need. It's about time you got back to living a normal, debt-free life.

Now you have the smoking gun...Use it!