Guide To Filing Late Tax Returns in Texas
There are many advantages for filing your taxes at the appropriate time. One of the biggest is the peace of mind you will have knowing that you are not incurring any penalties as a result of letting the task slip over the due date. However, sometimes your circumstances do not permit you to meet this obligation.
This can leave you feeling overwhelmed and in a state of despair. However, it is important to resolve the situation and this can be done through requesting a time extension from the IRS and this may not be as difficult as you think.
Paying your tax payments
One of the biggest reasons why people file late is because they are unable to afford to pay the full amount of taxes they owe.
Reducing extra interest and penalties
Extra interest and penalties can be reduced through payment of as much as you can with the return. Perhaps a loan will help you out or looking at a payment instalment agreement. A payment instalment agreement plan. If you are in a financial situation that prevents you from paying an upfront lump sum you could look towards applying for a payment plan.
A plan can be negotiated involving a monthly payment if you cannot pay your tax debt immediately. You will need to determine the most suitable payment you can make each month with the minimum permissible being $25.
Avoid default with your payments
Payroll deductions and direct debit make meeting your minimum monthly payment easiest.
Pay straight away if you can
If you pay all of your tax debt immediately you will greatly decrease some or all of the penalties and interest as well as the instalment plan set-up fee. You should consider using a loan or credit card to pay your debt in full if it is an option that can save you money. If you cannot provide any of your payments. Even if you cannot afford your payments, you should file your return to avoid failure to file penalties. If you continue to not file a required return and fail to respond to requests for a return you may find yourself in a situation with the IRS where you could face more penalties and possibly even prosecution for criminal matters.
Proving your case for not filing or paying on time
If you can provide a reasonable case to explain the cause for not filing or paying on time the IRS may determine that you do not have to pay one or either of these penalties.
Success Tax Relief
Of course, the easiest way to solve problems with the IRS is to call Success Tax Relief today. Their trained tax specialists can quickly and easily advise you on what is necessary, and relieve you of the heavy burden. You will have peace of mind knowing that your taxes are finally on their way to being back in order again. Call 1-877-825-1179 now so that they can get started working for you.