How To Handle a Tax Bill You Can’t Pay
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
Molekule | Dillip Goswami
About Dillip Goswami Dilip is the Co-Founder and CEO of Molekule, a company he helped start based off of his father’s research in air filtration at the molecular level. The project began when Dillip’s father began the quest to help his son’s problem with asthma, now they’re bother working to bring it to the…
Autonomous Stuff | Wolfgang Juchmann
About Wolfgang Juchmann Wolfgang Juchmann is the Vice President of Sales and Business Development at Autonomous Stuff, a company to dedicated to providing hardware and platforms to companies wanting to program autonomous vehicles. He has more than 16 years’ experience working in the field of technical sales and business development. Wolfgang attended Heidelberg University…
The Power of One Buying Collective | Rod Smith
About Rod Smith Rod is the founder and CEO of Green Polkadot Box, a the nation’s first and currently the only “Health Merchant” network. His Company’s mission is empower professions to become Health Merchants in order “To help all people, young and old, learn about and understand true principles and practices that foster healthy…
Eliminating the Retail Mindset | Vaughn Peterson
About Vaughn Peterson Vaughn Peterson, the the founder and CEO of The Cambeo Group, a company the focuses on performance management in the retail industry. Prior to founding The Cambeo Group, Vaughn worked at Attensity Corporation and NexTalk Inc, Tenfold & Nortel Networks where he gained extensive experience in sales, HR and executive leadership.…