What Should You Do if You Can’t Afford to Pay Back-Taxes?
Paying taxes is no fun. Owing back taxes and not being able to pay them is much worse. Many people get into tax trouble when they end up owing money to the IRS and they don’t have the means to pay it off. This can cause a lot of stress, anxiety and even fear or panic. However, you shouldn’t panic. The IRS won’t show up at your door with the police ready to take you away in handcuffs.
If you do end up owing back taxes and you can’t pay them off all at once, you have some options. That’s because the IRS is willing to work with you, so long as you are willing to work with them. The first thing you should do, is file your return on time, even if you know you don’t have the money to pay off your tax debt. This will help you avoid additional late-filing penalties.
Pay as much as you possibly can when you file your return. If you just need a little more time then you can file for a short-term extension in order to pay off the remaining debt within 120 days. If it is going to take longer, then apply for a monthly payment plan with the IRS. It’s best to set up an automatic monthly payment plan. There will likely still be interest and some penalties but they will be much lighter.
The IRS wants you to be able to pay your taxes and they are willing to work with you if you keep up your end of the agreement. You can learn more about paying off back taxes by clicking here.
Your Successes Are More Important Than Your Failures
Your Successes Are More Important Than Your Failures If you look back on your life, whether it’s life in general or your career, or just about anything else, most likely you will remember the good times more than the bad. Of course, that doesn’t mean everything has gone perfect and that you haven’t had your share…
Clientele and Industries Served
Clientele and Industries Served In addition to serving over 1,200 individual tax clients, Greenstein, Rogoff, Olsen & Company, LLP serves companies in a wide range of industries. This listing presents the range of industries served by our firm. Industries Served: Our clientele span many industries and income brackets. High Technology Manufacturing Construction Hospitality Real Estate…
5 Ways to Successfully Network
5 Ways to Successfully Network Word of mouth is no longer the only networking option. As technology and the business world develop, so do networking opportunities. As consequence of our current recession, the recent rise of unemployment rates has caused many individuals to turn to more self-sufficient ways of making a living by starting their…
7 Tax Tips for Starting Your Own Business
7 Tax Tips for Starting Your Own Business Have you ever considered starting your own business? According to a recent survey, the rates of early-stage entrepreneurial activity surged in 2011, jumping nearly 60% in the U.S. More than 12% of U.S. adults reported starting a business or running new businesses last year. This is an…