Can’t Pay Tax Bill? Here are 3 Things That You Could Do!

June 3, 2019

Any bookkeeping, business or tax article contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor can it be used to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on print
Share on email

Are you ready to file your tax return, but can’t pay up by Tax Day? File anyway to reduce the hit to your wallet. File your return even if you’re going to owe and don’t worry, you have several options if you owe money on your taxes.

Here are some information to help decide which option is best for you:

 

  1. Extension of Time to Pay

Can't Pay Tax Bill

You can file your tax return, then request an extension of time to pay. This extension will get you up to 120 days to make the payment. There are no fees to get the payment extension, but interest and penalties will apply to the full taxes you owe until it’s paid.

 

  1. Request an Installment Agreement

Can't Pay Tax Bill

Most common way to handle a tax bill, if you can’t pay immediately is to request an installment agreement (payment plan) which allows you to pay your tax debt in different plan option that the IRS provided with a period of time.

To find more information about installment agreement, read this IRS article: https://www.irs.gov/payments/payment-plans-installment-agreements

 

  1. Offer in Compromise

Can't Pay Tax Bill

An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer’s tax liabilities for less than the full amount owed.

To find more information about offer in compromise, read this IRS article: https://www.irs.gov/payments/offer-in-compromise

 

Need more tax help? Contact Us Today at admin@fas-accountignsolutions.com or (832)-437-0385.

Can't Pay Tax Bill

Share this post NOw

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on print
Share on email

Our Services

Powerful Financial Insights

As your Guide, we help you translate complex financials to simple and less intimidating information. With this increased understanding of your business, you can make timely and intelligent decisions that fuel your business success
Learn more

Diligent
Tax Compliance

Always feeling stress during tax season, surprise with a huge tax bill, or worrying about receiving an IRS letter? With FAS Team on your side, we will help you get through the tax preparation and filing.
Learn more

Healthy Cash Flow

The lack of cash is one of the biggest reasons why most small businesses fail. We will help you achieve healthy cash position through effective cash flow planning and logical cost management
Learn more

Read Our Other Blogs