Tax Time Again - Can't Pay Your Taxes?
By: Linda K Mayer, SRES
Okay, so I was reading an article about what to do if you can't pay your taxes on the FoxLA website. It was pretty good information and I thought this year, since tax laws have changed and taxes are going up, maybe there were some people having this issue and could benefit from the article.
The first thing is to FILE YOUR TAXES ON TIME. The penalty for not filing is much greater than the penalty for not paying. If this is not a possibility, ask for a tax extension. The IRS may grant you up to six months.
And try to pay something, if you can't pay all of it. Not only will this show good faith on your part, but it will lower the interest if you pay some of the principle tax debt to begin with.
I got all the way down to the last step which was to get a tax advocate. Most people and small businesses can take care if their tax issue themselves. Very few will indeed require a tax advocate. So try everything yourself first before deciding to pay a professional tax advocate.
For more useful tips, you can read the article called, "6 Steps to Take if You can't Pay Your Taxes".
Remember, the IRS wants to work with you to collect your tax money. And if you are coming to them voluntarily to get them paid, they will work with you!
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Linda K. Mayer, Realtor, SRES
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