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
The Next Gen 911 | Vic A. Merjanian
Interview Transcript of: The Next Gen 911 | Vic A. Merjanian Alan Olsen: Can you share a little about your background with us? Vic A. Merjanian: Many years ago I was at UCSD as an undergrad and I found myself in situations with friends with family and we needed help. But there wasn’t really an…
The Biggest Side Job Mistake
Everyone Wants To Make More Money Who doesn’t want more money? For many that means picking up a side job to earn a little more cash. There are literally hundreds of side jobs out there and while most are only good for a few extra dollars, some can bring in enough to be a significant…
How One Man’s Film Brought Peace to a War Torn Region | Kenneth Carlson
Transcript: Alan Olsen: Can you tell us a little about your background? Ken Carlson: I graduated from Brown University in 1986 and I played football there. I got offered scholarships around the country to play and I decided to go Ivy League and got a great education so it kind of started me off…
Art As An Investment | Jim Hedges
Interview Transcript For Jim Hedges, Art as an Investment, By Alan Olsen, Host of the American Dreams Show Alan Olsen: Welcome back. I’m here today with Jim hedges. Welcome. Jim Hedges: Thanks so much for having me. Alan Olsen: Jim, for the guests. Can you give us the background of what inspired you to do…