So, I owe taxes, now what?
First off, many people think if they owe taxes they should just not file their tax return. This is the most misunderstood concept when it comes to owing taxes. If you file a tax return, you will avoid the late filing penalties.
The IRS will continue to assess interest to any unpaid balance after the due date of the return, but avoiding late filing fees could save you thousands of dollars.
You’re also eligible to set up a payment plan with the IRS and they will accept monthly payments that you can afford. If the debt owed is less than $50,000, you may apply for a payment plan online at www.irs.gov or by filling out Form 9465. If you direct debit the amount you owe monthly, there will be less fees accessed.
If you’re not sure if you will owe or how to set up a payment plan, reach out to your local tax professionals at Meadville Tax Service at 814-333-2488 or email at email@example.com
We offer free estimates to help you with your tax situation.