Finding out that you owe money to the IRS can be both
intimidating and overwhelming. However, if it turns out that you have tax
liability, don’t panic. You have many options for getting your taxes taken care
of.
Paying Online
One of the simplest options, one that many people prefer in
this day and age, is paying their taxes online. If you go to the official IRS
website, you will find many safe payment processor options that will allow you
to either pay your tax debt in full or to pay whatever you can at the given
moment. If you prefer, you can also call the official IRS number and make your
payment with the help of a live IRS agent.
Checks or Money Orders
It is also acceptable to pay by check or money order if
that’s what you prefer. Just make your payment out to the United States
Treasury and then send it in, along with any helpful forms or copies of
documentation that you might have.
Loans
Regardless of how you pay, you may find that you can’t pay
all that you owe, at least not easily. If this is your situation, you may want
to think about taking out a loan to make your tax payment.
Whether it’s borrowing money from family or friends, taking
out a home equity loan, or even using your credit card, this is often a smart
step since IRS interest often compounds daily, on top of late payment
penalties.
Other options include requesting an extension or a payment
arrangement with the IRS directly.
Unfortunately, taxes do have to be paid, one way or another.
Work with the IRS and your financial advisor to find the payment options and
schedule that work best for you and your situation.
No comments:
Post a Comment
I welcome your comments here :)