While there are many people that look forward to tax season because they are pretty sure they are going to be getting a return, there are just as many people dreading it because they know they are going to owe taxes this year. If you didn’t pay enough in taxes to the IRS, you can expect to owe a chunk of money come tax season. Some people may not have been anticipating this, and find that they are having a hard time paying this bill that they all of a sudden have. Mark Dicus & Company is here to discuss options for those that find they can’t afford to pay the IRS at tax season.
Don’t Avoid Filing Your Taxes
Even if you are worried that you may owe the IRS money at tax season, you shouldn’t put off filing. This will only result in a penalty that will make your bill even higher than it needs to be. If for some reason you absolutely don’t feel like you are ready to file your taxes, you can always try filing an extension to give you the extra time that you may need to get the money ready.
IRS Payment Plan Options
April 15th is widely known as the day that all taxes are due. However, you have options that allow you to pay your bill to the IRS either before or after you have filed your taxes. If you are only able to pay a portion of the money that you owe, you may accrue some fees by paying it later, but they shouldn’t get too high if you are able to pay the bill within the next couple of months. There is always the option to pay using a debit or credit card as well. The IRS has approved payment processors that can help you get it done with the addition of a small fee. The ability to pay it in increments may be worth the fee though.
Short & Long Term IRS Payment Plan Calculator
You can come up with an online payment agreement for either short or long term payment plans depending on how much you owe. If you owe the IRS $50,000 or less in combine taxes owed, interest and penalties, you will have more than 120 days to pay it off using long term payment plans. If you owe less than $100,000 in combined taxes, interest and penalties you will have less than 120 days to pay it off in short term plans.
Tax Preparation, Filing, Planning & More in Salt Lake City, St. George, West Valley City, Provo, Orem, West Jordan & Greater Cedar City, Utah
If you have owed the IRS in the past and felt like you were blind-sided by it, you can rely on Mark Dicus & Company to help you be better prepared for next year. We will help you keep track of your taxes and set you up so that you will be prepared to handle whatever tax season may bring. Call us today!