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What If I Can't Pay My Taxes?

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Many individuals have found that after crunching the numbers and preparing their tax return that they owe more money than they could possibly pay. With all of the horror stories about tax problems leading to criminal charges, this could begin to scare people half to death. Luckily, just because you aren’t able to pay your taxes doesn’t mean that the situation could end badly.

There are many avenues that one can take in order to alleviate their tax problems, and Levy & Associates can help you through these tough times. Not being able to pay taxes is never a good feeling, but with the help of experts at Levy & Associates, the situation does not have to be a negative one.

Here are some tips from the Levy & Associates to help with your taxes:

  1. File On Time: Even if you can’t pay your taxes, send in your return anyway, and send it in on time. By assessing your taxes by the deadline, it allows you to avoid a late penalty which can be quite hefty. Levy & Associates can help prepare your tax statement and ensure that your taxes are filed on time so that you don’t face more consequences as a result of your tax woes.
  2. Do Your Best to Pay: No matter how much you owe, try to do your best to find ways to settle your tax debt. You might have some equity in your home or property, or your might be able to use a credit card to settle your debt. There are ways you can obtain money that you might not even know about, and expert tax professionals at Levy & Associates can help bring some of these options to light. When searching for money to pay taxes, make sure that you don’t use options that will create too much interest as you don’t want to sink further in debt by accumulating more interest than you could possibly pay.
  3. Wait if Necessary: Paying your taxes in full and on time is the best course of action, but if you need a little bit of time, it may be wise to just wait. If you are waiting on another paycheck or money will be opening up in a few weeks, simply wait for the IRS to send you a bill complete with the interest. It may be better to just pay the interest associated with a late payment rather than incurring a higher interest rate by getting money from another source. No matter which avenue you choose, consult with Levy & Associates in order to find the best way to save money in the long run.
  4. Ask About Installment Plans: If you can’t pay your taxes in full, the IRS may be willing to work with you on an installment plan. Depending on how much you owe, there are a variety of payment options offered by the IRS to ensure that they get their money over a period of time. Again, it’s best to consult Levy & Associates in order to see what your best option is. Some installment plans even allow you to pay your taxes directly from your bank as part of a debit process, so the situation becomes relatively painless.
  5. Request an Offer In Compromise: An Offer in Compromise allows you to make a large payment upfront or small payments over a period of time in order to settle your tax debt. This process should be done with Levy & Associates, as those who try to file for an Offer In Compromise usually end up paying more than they should. The end result is paying much less than you originally owed, but not everyone qualifies for this form of tax payment. No matter how you plan on paying for your taxes, it is important to consult Levy & Associates in order to weigh your options and come up with the best strategy for settling your tax debt.

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