For the record, the Internal Revenue Service (IRS) expects you to file as well as pay your taxes on time and every year. It is possible that you will be subject to a large penalty amount and collection duties such as bank levies or wage garnishments if you are still unable to handle your tax returns properly. If you find yourself in this situation, you may want to consider some of the tactics listed below when submitting your forms and managing your tax returns.
William D King shares some tips below:
1. Check for penalty waiver options
Whenever you owe money on your tax returns, the sum you owe will be increased in the future as a result of interest and penalties. Paying your tax obligation may become even more difficult as a result of these additional fees. You can, however, seek assistance from the Internal Revenue Service in order to obtain a penalty waiver. Once your request has been approved, you will be able to see how the extra charges and costs are being reduced, which leaves you to pay only the back tax balance. You might also want to consider speaking with a tax professional if you need more assistance with unfiled tax returns.
2. Complete and submit current tax returns on time
You must continuously file and submit your existing tax returns on time every single year if you do not want to be confronted with back tax issues in the future. You must be present in order to file your most recent tax return while your account is being reviewed by the Internal Revenue Service. You should also make certain that you file your most recent return sometime before April 15th in order to meet filing requirements. Whenever you owe taxes for the present tax year, you must seek advice from the IRS in order to obtain a payment order so that you do not fall behind with your obligations to the government. An installment agreement or a similar sort of payment plan may also be requested by you in order to demonstrate to the Internal Revenue Service how much you are willing to pay on what you owe again for the current tax year.
3. Make use of the credit card to settle balances
When at all possible, utilize a credit card with a reasonable interest rate to pay your account with the Internal Revenue Service. With the help of an interest-free credit card, you may pay off your tax obligation while also paying off your credit card debt within a few months or a few months and a half. As per William D King using a credit card instead of another form of payment with the IRS may be a more practical option in some situations. It can pay off your debt within a few installments, or in the best-case scenario, in a single payment. You also avoid being subjected to penalties and other fees.
Keep these suggestions in mind, and seek expert assistance if you have an unfiled business tax return.
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