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.
Finding a Niche in the Hispanic Market for your Small Business
Finding a Niche in the Hispanic Market for your Small Business Book Summary Part 1 of 7: The Power of Business en Espanol, 7 Fundamental Keys to Unlocking the Potential of the Spanish-Language Hispanic Market by Jose Cancela Marketing to the Hispanic demographic could pay big dividends to the tune of nearly $1 trillion in…
Slogans: Creating and Using Them In Life, Career and Business
Slogans: Creating and Using Them In Life, Career and Business By Catherine Franz Information is coming at us from all directions nowadays. This pace requires us to demand that we receive it fast and predigested in order to inch ahead of the game. This also requires a new filing system method for storing the bites…
Market Yourself Through Public Speaking
Market Yourself Through Public Speaking As part of your marketing strategy, a noteworthy way for you to get exposure and new customers is public speaking. Public speaking is a powerful way to get new customers and leads, so be sure to incorporate it into your quiver of marketing techniques. By Wendy Maynard A noteworthy way…
Selling Your Success
Selling Your Success By Dean Mercado Looking for simple marketing and sales techniques to differentiate your business from the competition? Well here are 3 key ones that will help you humanize and personalize your marketing and sales approach to draw prospects in like a magnet! I attended a seminar the other day at a local…