Tax Time: April 15th is a dreaded time of the year.
Taxes are due, and not everyone can pay them.
So what do you do when you know you owe? The popular belief is not file your taxes.
A lot of people believe if they ignore the problem, it will simply go away.
Get real.
The IRS will find you.
Try these options and prevent IRS debt.
File On Time.
There's no excuse not to file your taxes on time.
You can limit the charges by simply paying at least some of the balance owed.
The interest and penalties are based on the balance owed, so paying some and owing less will reduce the interest and penalties.
Also, when you file on time you're avoiding the large 5% per month late filing penalty.
Pay Monthly Request an "Installment Agreement" (Form 9465) with the IRS.
This allows you to pay the IRS a certain amount each month if you qualify.
The amount chosen will be based on how much your expenses are.
So you can bet the IRS is going to ask very detailed financial information.
But watch out, not only is this program hard to qualify for; if you do qualify, missing a payment will impose severe consequences.
Beware Direct IRS Dealings It's a bad idea to call the IRS directly.
IRS personnel are not trained in financial or IRS matters.
The IRS Hitmen are trained to discuss only one thing.
And that's how you're going to pay your debt in full.
If All Else Fails You might lack the confidence to do this all on your own.
And you don't have to.
If you know in advance that you will not be able to pay your taxes, you can hire a qualified professional to handle the IRS.
They will be able to determine the best payment option for you.
So get working! If you can't pay, don't wait for the IRS to contact you.
Now You Have The Smoking Gun...
Use it!
Taxes are due, and not everyone can pay them.
So what do you do when you know you owe? The popular belief is not file your taxes.
A lot of people believe if they ignore the problem, it will simply go away.
Get real.
The IRS will find you.
Try these options and prevent IRS debt.
File On Time.
There's no excuse not to file your taxes on time.
You can limit the charges by simply paying at least some of the balance owed.
The interest and penalties are based on the balance owed, so paying some and owing less will reduce the interest and penalties.
Also, when you file on time you're avoiding the large 5% per month late filing penalty.
Pay Monthly Request an "Installment Agreement" (Form 9465) with the IRS.
This allows you to pay the IRS a certain amount each month if you qualify.
The amount chosen will be based on how much your expenses are.
So you can bet the IRS is going to ask very detailed financial information.
But watch out, not only is this program hard to qualify for; if you do qualify, missing a payment will impose severe consequences.
Beware Direct IRS Dealings It's a bad idea to call the IRS directly.
IRS personnel are not trained in financial or IRS matters.
The IRS Hitmen are trained to discuss only one thing.
And that's how you're going to pay your debt in full.
If All Else Fails You might lack the confidence to do this all on your own.
And you don't have to.
If you know in advance that you will not be able to pay your taxes, you can hire a qualified professional to handle the IRS.
They will be able to determine the best payment option for you.
So get working! If you can't pay, don't wait for the IRS to contact you.
Now You Have The Smoking Gun...
Use it!
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