Back taxes

Back taxes is a term for taxes that were not completely paid when due.[1] Typically, these are taxes that are owed from a previous year.[2] Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one's income, or neglecting to file a tax return altogether.

A government might implement different approaches to collect back taxes, including criminal charges, offering a voluntary disclosure program that allows a broad variety of payment methods,[3] or tax liens.

If the taxes remain unpaid, the tax authority could use a tax levy to legally seize the taxpayer's assets (such as bank accounts, investment accounts, automobiles, and real estate) to collect the money it is owed.

  1. ^ "back taxes". Investor Words. Archived from the original on 9 March 2009. Retrieved 2009-03-26.
  2. ^ "Glossary B". New York Real Estate. Archived from the original on 2009-06-27. Retrieved 2009-03-26.
  3. ^ "What are back taxes? definition and meaning". BusinessDictionary.com. Archived from the original on 2018-04-21. Retrieved 2018-04-20.