Do you have a tax bill from the IRS this year? You're not alone. A government study estimates that as many as 21% of tax filers may not have had enough taxes withheld in 2018. Call 855-913-0249 for free tax consultation.
But what happens if you owe Uncle Sam and you don't have enough money to pay your bill? Thankfully, if you find yourself in this unpleasant situation, there's no need to panic. The IRS has several tax relief options available that could help you. Call 855-913-0249 for free tax consultation.
Tax relief really means setting up a payment plan or negotiating a settlement with the IRS it's not about erasing your tax obligation. Rather, it's about making it easier to take care of the tax debt you owe. Call 855-913-0249 for free tax consultation.
Victims of natural disasters, such as hurricanes and wildfires, are sometimes offered special tax relief as well. Disaster victims may qualify for deadline extensions and may be eligible to claim casualty losses on their federal income tax returns. You can learn more about special tax relief on the IRS' website. Call 855-913-0249 for free tax consultation.
When it comes to strategies for managing taxes you can't afford to pay in full when they're due, you have several options. Below are four methods to consider. Call 855-913-0249 for free tax consultation.
IRS Repayment Plan
The IRS may allow you to break down your full balance into smaller payments. To qualify for a long-term payment plan (paying over 120 days or longer), you need to owe $50,000 or less in combined taxes, penalties and interest. For a short-term payment plan of 120 days or less, your tax bill can be as high as $100,000.
Although IRS payment plans can be helpful if you don't have the funds to cover your tax bill in full, they come with a cost. Depending on the option you choose, you may pay a setup fee of up to $149 plus penalties and interest until your balance is completely paid.
Need more information about IRS repayment plans? This IRS FAQ page may help. Call 855-913-0249 for free tax consultation. Tax relief can allow you to break down your debt into payments or reduce the amount of tax you pay to the government. No, tax relief won't wipe out your tax bill and it could cost you more in the long run but it might make paying what you owe to the federal government a lot more manageable.