5 TAX TIPS FOR ANYONE WHO OWES TAXES!

18 Jul

5 TAX TIPS FOR ANYONE WHO OWES TAXES!

  1. PAY YOUR TAX BILL.  If you receive a bill from the IRS, pay the bill as soon as you can, this is will save you money. If you are unable pay it in full, you should pay as much as you can to reduce the interest and penalties charged for late payment.
  1. GET A SHORT-TERM EXTENSION TO PAY YOUR BILL. There is a chance that you can qualify for extra time to pay your taxes if you can pay in full in 120 days or less. To determine if you qualify, apply online at IRS.gov. 
  1. APPLY FOR A MONTHLY PAYMENT PLAN. If you owe $10,000 or more and need more time to pay, the best option is to hire a tax relief professional to handle this type of situation for you. At Tax Champions we will work hard to ensure that your tax debt is as minimal as possible as well as establishing an affordable payment plan to get the IRS off your back.
  1. CONSIDER AN OFFER IN COMPROMISE. If you cannot pay your taxes, and Offer in Compromise lets you settle your tax debt for less than the full amount that you owe. Tax Champions has over 35 years of successfully assisting their clients in achieving the best tax settlement possible. When dealing with the IRS, it is always best to have a trusted tax professional that is well versed in the most current tax laws to act on your behalf.
  1. CHANGE YOUR WITHHOLDING OR ESTIMATED TAX.  You may be able to avoid owing the IRS in the future by having more taxes withheld from your pay. Do this by filing a new Form W-4 with your employer. The IRS Withholding Calculator on IRS.gov can help you fill out a new W-4. If you have income that’s not subject to withholding you may need to make estimated tax payments. If you are self-employed or a businesses owner, it is best to hire a certified public accountant to take care of these situations for you. Morgan, Dagget, Wotman, LLC, home of Tax Champions, offers full service accounting and tax services. For more information call us today at 800-518-8964.

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