How about an actual new article?
April 15th has come and gone... you didn't apply for an extension with the IRS. So what are you waiting for! Are you waiting for the IRS to send you a bill? Are you hoping the IRS won't notice?
Face facts... not filing your tax return is like putting your head in the sand. Just because you can't see the problem doesn't mean it isn't still there, and this problem gets bigger everyday you ignore it.
Why are you special? What makes you think you don't have to file your tax return? Maybe when you did your taxes, you found out you would have a debt, so you're putting off that return. Let me tell you, if you think you owe a lot of money now, give that tax debt time to simmer... you'll owe a lot more very quickly!
Find a solution... But enough of me chastising you, let's figure out how you're going to fix this mess you've gotten yourself into.
First of all, file your taxes right now! If you don't think you're ready to file, apply for an extension until October 15th, which is the latest date you can put off filing until. You will be responsible for any non-filing penalties that have accrued to date, which starts at 5% per month and goes up to 25% of your tax debt until you either file or get an extension approved.
No extra money... In addition, since you didn't file your return on time, you will not be getting that economic stimulus tax check, which the IRS will start issuing in May, so that's around $600.00 that you won't get to see.
Moving forward... Hopefully, you've gotten on the ball and are getting your taxes ready to go right now. If you haven't, I'll wait... Now let's say that you do have a tax debt to the IRS. How are you going to take care of that?
Know your options... The IRS, as well as private tax resolution companies, offers a variety of tax debt settlement options depending on the following factors:
- Your actual debt amount
- Your income
- The combined value of any assets you have (homes, cars, recreational vehicles, etc.)
To take a look at a list of your options, read the article: "Tax Problem Help: How to Give Yourself a Fighting Chance"
Now you have the smoking gun... Use it!
Labels: Back Taxes, IRS Extension