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
Using Your Money for Positive Change with Founder of Stickney Research
Using Your Money for Positive Change, with Founder of Stickney Research Warren Stickney is the founder and principal of Stickney Research, a firm that specializes in the design and implementation of net income makeup charitable remainder trusts (NIMCRT). In this interview, he discusses his passion on how to use your money for positive change in…
Committing to Humanity is So Important
Heidi Kuhn – Founder of Roots of Peace Heidi Kuhn is passionate about humanitarian work and has dedicated her life to making a difference in the world. As the founder of Roots of Peace, a humanitarian-nonprofit organization that is working to replace the scourge of landmines with sustainable agricultural farmland, Heidi, via Roots of Peace,…
The Evolution of Business Education
The Evolution of Business Education Dr. Jason Earl, Director for the Willes Center for International Entrepreneurship at BYU-Hawaii Dr. Jason Earl Transcript: Alan Can you share a little about your background? Jason I started down the path of engineering, ended up in corporate finance, ran a startup company, which sold to a private equity…
Building One of the Largest Social Media Marketing Agencies in the World
Mark Lachance, CEO of Maxy Media Renowned figure, Mark Lachance is a serial entrepreneur, strategic thinker, and investor. He is the CEO and lead investor of Maxy Media Inc., one of the largest TikTok, Facebook, Snapchat, and Google Display Network performance marketing agencies in the world. Currently, Maxy Media is the number one advertiser in…