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.
How Important Are Honesty and Integrity in Business?
How Important Are Honesty and Integrity in Business? Which attributes matter most in the business world? That is a difficult question to answer because there are so many important attributes that people, especially business leaders, need to have. However, one of the most important factors in any relationship, in business or life, is honesty, which…
How Do You Choose A Career?
How Do You Choose A Career? Most people have the mindset that they will someday choose a career and then follow that path and see where it takes them. However, in this day and age choosing a career is not very simple and many people end up on a road that they never expected to…
Top 8 Most Expensive Cars in 2016
Have your eye on a new set of wheels? If money is not really an issue then your choices are practically endless, as long as you can find the model you’re looking for available somewhere, as many of these cars are also extremely rare. However, if your search includes some of the worlds most exclusive…
What Scares Elon Musk About Artificial Intelligence?
What Scares Elon Musk About Artificial Intelligence? As the world of technology continues to move into the furthest realms of the imagination, new ideas, services and products continue to push the boundaries of what’s possible. With virtual reality and now artificial intelligence gaining more steam, these kinds of technologies also create moral dilemmas for many…