Keep away from fees and fines by contacting the IRS about difficulties

The deadline for filing federal taxes is three days later than usual this year. Even with that extra time, a lot of people will need an additional amount of time to get their taxes filed. If you can’t pay your taxes or file on time, addressing the situation easily is key. As with all debts that you owe, ignoring the problem isn’t the best way to manage the situation. Instead, you should contact the Internal Revenue Service as easily as possible to address the issue. Post resource – Can’t pay your taxes? What to do about extensions and interest by MoneyBlogNewz.

Filing extensions accessible

If you will not be able to file your full tax return by the April 18 deadline, you have to file an extension. The deadline could be changed to October 17 if you fill out Internal Revenue Service Form 4868 properly. The deadline of whenever you pay taxes doesn’t change, even if you extend filing. Whenever you file form 4868, you are required to estimate what your taxes can be. That has to be paid with the extension form. You are able to get a 5 percent penalty every month, up to 25 percent total, if you don’t file your return.

The availability of payment deadline extension

Your tax payment deadline is separate from your tax filing deadline. Sometimes it is impossible to pay the entire tax bill whenever you file. You’ve to file still. That way, you can keep away from paying both a failure to file and failure to pay penalty. You do need to pay as fast as possible. This should help you a lot. Make an effort to pay at least 90 percent of what is needed when filing. There will not be penalties for another six months if you do this. After you file, the Internal Revenue Service will send you a bill. It will only take 30 to 40 days to get it. Interest and penalties on unpaid balances compounds by 4 percent daily, so therefore paying easily is the key. Sometimes you cannot pay at all. Call the Internal Revenue Service to work this out. Call 1-800-829-1040 to talk about payments.

Options for tax settlements

Tax settlement is something advertised on television all the time. Usually it is a bad idea to make an effort to use these tax settlement services. Getting same day loans to pay the debt would be a safer option. These tax-settlement services file an Offer in Compromise with the Internal Revenue Service, which individual taxpayers can file on their own. Do not do an Offer in Compromise unless it is a last resort. The IRS might be willing to work with you before this. In short, keep communicating with the Internal Revenue Service — the longer you wait to contact the agency, the more money you’ll end up owing.

Citations

IRS

irs.gov/businesses/small/article/0,,id=104593,00.html

H&R Block

hrblock.com/taxes/tax_tips/irs/extension_info.html