As the IRS deadline for filing approaches this year, you may be wondering what will happen if you can’t pay the full balance of what you owe. Fortunately, there are some options for taxpayers who do not pay what they owe on time.
Understanding Common Options
When taxpayers owe the IRS a balance but cannot pay it all at once, the IRS is often willing to make arrangements to help them pay what they owe. One of the options that taxpayers commonly choose is to establish an installment agreement. This enables you to make monthly payments to the IRS to pay off your debt. Other taxpayers choose to pursue an offer in compromise, which may allow you to settle your overall tax debt for less than what you owe.
Seek Professional Tax Help
If you find yourself in a position where you know you will not be able to pay your entire balance by the IRS filing deadline, your first step should be to contact a tax relief specialist. A qualified tax help pro will be able to explain what your options are for paying your tax debt and answer questions to help you to decide which option is right for you. With assistance from a tax specialist, dealing with the IRS will be a much more straightforward and less stressful process.
For help with your tax issues, turn to the pros at Taxation Solutions, Inc. We’re here to offer you effective tax relief help to resolve all of your tax issues!