What Effect Can the Tax Reform Have on Your Debt to the IRS?
When it comes to what you already owe to the Internal Revenue Service (IRS), chances are the principle amount may very well remain the same. It’s the interest and penalties fees that could change on an annual basis no matter who was elected president.
What You Really Need to Remember
The main rule of thumb to remember when it comes to paying your taxes is just to do it! Make the payments on time, and if for any reason, you suspect that you won’t be able to make the minimum payment or not at all, then call and convey this to an IRS representative so that he or she can possibly make some adjustments to your account that could prevent you from paying a penalty.
Remain Diligent as a Taxpayer
We understand that these days, emotions are running especially high in the arena of politics, but the professionals at Success Tax Relief urge you to stay calm and remain diligent toward your taxpayer duties and obligations and you shouldn’t have any problems.
Now, when it comes to just understanding the tax reform altogether, CNBC has reported that the $2.2 trillion tax plan will ultimately benefit big business corporations. They further reported that what this means for middle-class homeowners is a spike in taxes that may rise at an average of $815.00. According to CNBC, the tax reform could possibly increase interest rates. Since there are interest rates in almost any area of trading, it’s uncertain to determine exactly where in the national finance sector interest rate will increase, but be ready nonetheless.
According to the president’s campaign promises, the standard deduction will increase from $6,300 to $15,000 for single filers and $12,600 to $30,000 for married couples filing jointly.
Fox News reports that the standard deduction would increase from $6,300 to $12,6000 for single filers and $12,600 to $24,000, roughly. These tax cuts are reported to help taxpayers by not having to itemize all of their deductions. However, CNBC states that ultimately, the tax reform is designed to take care of the wealthy.
Don’t Hold Your Breath!
As this point, everyone seems to be holding their breath in regards to how the tax reform will affect their lives. Whether you’re in favor or against the tax reform, this should waiver your responsibility to the IRS. What you owe is usually contingent upon last year’s financial situation in regards to income and expenses and how much in tax dollars you have to pay.
Don’t worry about future tax debts that you may or may not have. Deal with your current tax issue. If you need help, then consult a tax relief professional at Success Tax Relief. We specialize in alleviating taxpayers’ tax debt situation by talking to the IRS on their behalf.
Call and schedule an appointment for a free consultation. It can be by phone or if you’re in the Houston or Atlanta region, stop by! Call 877-825-1179 or contact us online today!