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
Financing A More Exclusive Lifestyle
It’s surprising that the emerging market is now the biggest consumer of luxury goods, as reported by Deloitte, where a more mature audience once held the title. This will require luxury brands to reinvent their marketing approach in order to accommodate their new clientele. With an increase in income and more access to loan products, the new luxury consumer is fully equipped to have all they desire. But what is it that this elite group of consumers really want?Fast Cars Are No Longer EnoughWhile
How Do Biotech and Pharma Companies Feel About New Tax Law?
How Do Biotech and Pharma Companies Feel About New Tax Law? The back and forth regarding the new tax reform bill has been endless since even before it became law. Obviously, there are pros and cons and both sides hold tight to their arguments. Additionally, some taxpayers and industries oppose the reform, while others are…
Five Easy Steps To Help You Retire Wealthy
What hard-working individual doesn’t dream about retiring rich and living the good life throughout his or her golden years? After all, what’s the point of working your life away if you never get to enjoy the fruits of all your labors? The problem is, for many, retiring wealthy and living the good life is just that: a dream. In fact, for many, retirement is a daily battle just to have enough to get by after paying for all their necessary food and medical care. That’s not how retirement should be,
Five Mistakes You Can’t Afford to Make at Work
Have you ever made a bad mistake at work that you just couldn’t live down? No one is perfect and everybody makes mistakes. In most cases, people can overcome mistakes they make at work, but there are a few missteps that could really end up costing you. So, even though you’re not perfect make sure you do everything in your power to avoid these five critical mistakes at work.Promising too much – we all want to accomplish as much as we can and impress our bosses and coworkers. However, it’s a bad