I owe taxes on my tax return what should I do?
I am often asked by my Clients that owe taxes if they should file the Tax Return by the due date.
In my opinion, if you owe taxes and cannot pay the full amount due, you should still file the tax return.
Why file the tax return if you can’t pay! By filing the tax return with a balance due by April 15, you significantly reduce the penalties that will be accessed because there are two main penalties, the failure to pay penalty and the failure to file penalty.
If you cannot pay the full amount due or any of the balance due, still mail in the tax return. The IRS will send you a bill. When you receive the billing you can probably arrange for a short term extension of time to pay or you should be able to set up an installment agreement with the IRS.
If you need additional help in dealing with the IRS or help in setting up an extension or installment agreement with the IRS, please contact our office by going to our website at www.TAXRELIEFSERVICES.com