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Old 10-16-2017, 12:06 PM
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Filing 2016 taxes

Tax returns are due today. We do not agree with how our taxes have been figured and do not have the money to pay. What are our options?



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Old 10-17-2017, 11:09 AM
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You need to talk with the IRS.If you owe taxes and did not pay them on April 18, IRS penalties and interest might still accrue based on the amount you owe, even if you have a filed and accepted extension.Whether you filed a tax extension because you weren't ready to file a tax return, or because you weren't able to pay your taxes, the steps below will guide you through what to do next.
1. The extension only applies to your paperwork, not to tax payments you owedon't panic! Second, don't delay the time to file your tax return! You should always file your return on time to minimize your tax penalties. Even if you can pay nothing, you should file on time to avoid a greater tax penalty. The IRS recommends. If you cannot scrape up the funds to pay your amount due in full when you file your return, you can pay off your debt over time by applying for an installment agreement. You may qualify for an online installment payment agreement with the IRS as long as you owe $50K or less. The IRS states that a direct debit payment plan is the best option because this plan is a lower-cost, hassle-free way to pay, and the set-up fee is less than other payment plans. In addition, you don't have to worry about reminders, missed payments, or checks to write and mail. You can apply for the monthly payment plan via the IRS website or by completing and mailing Form 9465, Installment Agreement Request R YOU MAY Consider an Offer in Compromise: You can settle your tax debt for less than the full amount that you owe by applying for an offer in compromise with the IRS. This may be an option for you if you owe a large amount of tax, do not believe you will ever be able to pay off the entire amount, or if making a full payment will cause a financial hardship. To see if you qualify for an OIC, you can use the IRS Pre-Qualifier tool on their website.



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