Here are a few helpful summer tips from a trusted San Diego tax lawyer
Ok, so you got the notice that you owe a decent amount back to the IRS. So what do you do now? Obviously, you look into your bank account see if you have enough to cover the bill. That’s when the panic sets in. Not only did you not expect to pay, but also you’ve already spent the money you thought you were getting back. This is an all to common issue, so knowing the right way to go about handling it will save you a lot of money, time and stress in the long run. The IRS also knows that this issue comes up a lot and they’ve offered a few options on its website to help you not get too far behind.
One of the first things to do is make sure that you reply back to them promptly. Avoiding the IRS is a bad idea and will end up costing you a lot of money in fees and penalties. Make sure to read and fully follow any instructions that you get from the IRS. They send out millions of notices every tax season with guidelines and specific due dates and payment timetables.
The IRS also has opened the door to do a direct debut plan. A direct debit installment agreement is the lower-cost hassle-free way to pay. The set-up fee is less than half of the fee for other plans. The direct debit fee is $52 instead of the regular fee of $120. With a direct debit plan, you pay automatically from your bank account on a day you set each month.
If you’re already delinquent with the IRS and haven’t responded within the timelines, the IRS will still work with you. The best bet for you, at this point is to find a San Diego tax lawyer to help you set up an Offer and Compromise. Tax resolution services San Diego like Tax Tiger, is well staffed with tax professionals that are used to dealing with and standing up to the IRS. A tax lawyer in San Diego can even negotiate to decrease the actual amount that you owe.
Source: Six Tips to Help You Pay Your Tax Bill this Summer – June 30, 2015 –IRS.com
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