How To Handle a Tax Bill You Can’t Pay

handle a tax bill

How To Handle a Tax Bill You Can’t Pay

What could be more chilling than receiving a notice from the IRS that you owe a huge tax bill? The answer: the realization that you don’t have the money to pay off said tax bill. So what should you do if you find yourself in this situation? There is hope.

First off, never ignore such a situation and just hope that it will go away. That won’t work. Instead, face it head on. A good place to start is to contact a tax professional. The IRS does offer several options for people in this situation, but you might not know which is the best option for you. Therefore, meeting with a tax pro is usually a good idea.

The IRS actually offers several payment options for taxpayers in the hole, if they qualify. You can go ahead and pay it off directly from your bank account via IRS Direct Pay. You can also petition the IRS for an installment agreement wherein you agree to pay off the debt monthly. You can request an offer in compromise, as well, which if accepted could lower the amount you have to pay back.

However, as mentioned you must qualify for this option and part of that includes having debt and penalties of $50,000 or less, combined. No matter which payment method you choose you should do everything you can to pay off your debt in full as quickly as possible. The longer you delay payment the stiffer the penalties and the interest will get

Want to learn more? Contact us

Follow GROCO on Facebook

Posted in
How Hal Kellman Averages a 20% Return on the Market

How Hal Kellman Averages a 20% Return on the Market

Interview Transcript, How Hal Kellman Averages a 20% Return on the Market Introduction to How Hal Averages a 20% Return on the Market Alan Welcome back. I’m here today with how Kelman the Cameron family office and how welcome to today’s show. Thank you. So hopefully the listeners, can you get the background of how…

Mike Duffy;Happiness in the Workplace

Happiness in the Workplace

About Mike Duffy: Happiness is more than a state of being, for Mike Duffy, it’s a passion. Listen as Mike shares an acronym that he’s made up to help you achieve happiness in the workplace. Mike Duffy is an evangelist for happiness. Mike has written 4 books on happiness including, The Happiness Book For Men.…

Triple Platinum Voice | Lori Glori

Triple Platinum Voice | Lori Glori

Episode Transcript of: Triple Platinum Voice | Lori Glori Alan Olsen: Welcome back. I’m here today with Laurie glory. She is a songwriter, producer and entertainer of several inspirational Christian music, music, and welcome to the show. Lori Glori: Thank you for having me. Alan Olsen: So Laurie, give me your back on how did…

The Skills Your Future (and current) Employer want you to have

The Skills Your Future (and current) Employer want you to have

The Skills Your Future (and current) Employer want you to have Do you ever wonder what skills your current employer or future employer wants you to have? Ensuring that you have the right skills can be the difference between a promotion or a pink slip. Many of the top skills and attributes would not be…