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.
Simple rules for successful software technology outsourcing
Simple rules for successful software technology outsourcing By Ramesh Manian The current economic climate, opportunities and round the clock service necessity requires most companies to outsource many technology projects to countries like India, China and eastern European countries. If you are a small software company, successful outsourcing is crucial to your development. For all the…
5 Ways a Document Management Service Can Improve Your Business
5 Ways a Document Management Service Can Improve Your Business Documents can be the bane of any businessman’s existence. Documents are a fact of life in the business world. From advertisements to legal contracts to protocols, from business plans to presentations to spreadsheets, almost every person in a business has some contact with a document.…
Know the Basics of the 7 Types of Funds When You Are Sourcing For Business Funding
Know the Basics of the 7 Types of Funds When You Are Sourcing For Business Funding By Ben Ang You probably would have experienced the countless tormenting stresses and difficulties in getting the required funding for your new business ideas or products. Deep down within your heart, you know that your business idea or product…
Using Warrants in Your Private Placement Offering
Using Warrants in Your Private Placement Offering By Nick Jevic If you’re in the market raising junior capital, you’ll need to understand how warrants are used in structuring your offering. If you are floating a Private Placement of preferred stock or subordinated debt, your investors will expect to have warrants attached to their security. What…