San Antonio IRS Income Tax Help – Can’t Pay Your Income Taxes? These Are Your Options

Should it look like it’ll be difficult for you, a financially struggling taxpayer, to pay all the federal income taxes you owe, here are your options, along with some key facts you need to know.

There are two distinct aspects involved in paying taxes: filing your return and paying it. Not filing your return on time and not paying what you owe come with different ramifications. It may surprise you to know that if you don’t file your return on time, even if you can’t pay all that you owe by April 15, you will be facing the largest penalty.

Failure to file your tax returns on time and not paying all of the income tax that you owe by the due date will cost you a monthly penalty of 5 percent of your tax bill plus interest. However, if you do file on time, or request an extension by midnight on April 15, the penalty drops to half of 1 percent plus interest. So, at the very least, file your income tax return or request an extension by April 15. Paying as much as you can by the filing deadline will lower your costs as well since the late payment penalty is based on a percentage of what you haven’t paid.

A Taxpayer Has Several Options

A distressed, financially struggling taxpayer will have to come to an agreement on how to pay the income tax owed. Don’t expect this to be “forgotten.” The picture of Uncle Sam may look friendly, but the IRS has some enforcement/collection tactics available to them that other creditors do not. The IRS could be garnishing your wages, taking money from your bank accounts, or slapping a lien on your property.

Don’t let things get to that point. Instead, explore the following options:

  • Short-term extension: If you think you can pay all of the income tax that you owe within 120 days of April 15, a taxpayer can apply online for an installment agreement You can also call the IRS at 800-829-1040 (maybe the IRS will answer the phone) for more information. There is no up-front fee for a short-term payment extension. However, a late-pay penalty (half of 1 percent of the balance owed per month) and interest will be charged. Still, that should amount to less than what you’d be charged with a longer-term payment agreement.
  • Long-term extension: If you can’t pay the income tax you owe within 120 days, you may be eligible to pay your income tax bill in monthly installments over the course of up to 72 months. There is a fee of $120 to establish an installment agreement, or $52 if you agree to have your payments automatically deducted from your bank account. While you’ll still have to pay interest, if you filed your return on time, the monthly late-pay penalty will be half of 1 percent of what you owe. If you owe the IRS $50,000 or less (including penalties and interest), you should be able to set up the online payment agreement. If you owe more than $50,000, you’ll need to complete IRS Form 9465 and supply the IRS with a Full Financial (IRS Form 433-F). Also, should a taxpayer owe $50,000 or more, the IRS will file Tax Lien regardless whether you have an Installment Agreement or not.
  • Temporary delay: If your circumstances are such that you can’t pay any of what you owe, and you’re not sure when you’ll be able to, the IRS may temporarily delay enforcement/collection until your financial condition improves. However, your income tax debt will grow because penalties and interest will accrue until you come up with the full amount. During the temporary delay, the IRS will continue to review your ability to pay. The government may also place a tax lien on real estate or other property you own. Contact the IRS at 1-800-829-1040 (maybe the IRS will pick up the phone) for more information about requesting a temporary delay.
  • Offer in Compromise: To be eligible and qualified for an IRS settlement through the Offer in compromise program, you must owe the IRS $10,000 or more. If you can’t afford an installment agreement, you could offer to settle your tax debt in one lump sum (you can also make monthly installments on the settlement) totaling less than what you owe. Whether you’ll qualify depends, in part, on your income, expenses, assets and the IRS’ assessment of your ability to pay. As of the date of this writing, the IRS has been accepting 42% of the settlement offers submitted. The clients at Flat Fee Tax Service, Inc. have had a 90% success rate. There is also a non-refundable $186 application fee, and most applicants have to make an up-front, non-refundable partial payment when they apply. So, make sure you feel confident about meeting the requirements. You’ll need to demonstrate that situation is such that you will never be able to pay back everything you owe.
  • Currently not Collectible:  If a financially struggling taxpayer cannot pay their income tax debt and owes any amount to the IRS and cannot pay, the taxpayer may be declared “Currently not Collectible.” The IRS will file a Tax Lien but will cease all active enforcement action and the Statute of Limitations will continue to run out on your income tax debt.

CALL FLAT FEE TAX SERVICE, INC.

1-800-589-3078

https://www.flatfeetaxservice.net

http:;//www.facebook.com/thebestirshelp

FOR YOUR FREE & CONFIDENTIAL CONSULTATION

FLAT FEE TAX SERVICE, INC.:

  1. Guided by our Christian Values. This makes it easy to have no client complaints.
  2. Accredited by the Better Business Bureau. A Plus Rating. Check out our client’s testimonials at the BBB.
  3. Experienced IRS Tax Attorneys work directly with you.
  4. IRS Wage Levies are stopped, avoided and released in 1 day.
  5. 90% of our Clients who have submitted an IRS settlement have received a successful Offer in Compromise.
  6. Low, Affordable Fees. Our fees can be stretched out over 10 to 12 months.
  7. Our Clients Get Positive Results.

“America’s Best & Most Affordable IRS Income Tax Relief Team”

US MAP
IRS Tax Relief in the US

 

 

http://www.flatfeetaxservice.us

IRS Settlement – Lawrence J. of Joshua Tree, California – Another Successful Offer in Compromise by Flat Fee Tax Service, Inc.

FLAT FEE TAX SERVICE, INC.

Announces

Another Successful 

Offer in Compromise Acceptance

For

Lawrence J. of Joshua Tree, Calif.

On  4/12/12, Lawrence J. of Joshua Tree, California contacted our IRS tax relief team at Flat Fee Tax Service, Inc. Lawrence J. was suffering from an IRS wage levy and had an IRS tax debt of $44,500. During his free and confidential consultation, Lawrence was provided with an action plan to resolve his IRS tax burden. Lawrence J. decided to become a client of Flat Fee Tax Service, Inc.

GREAT NEWS

GREAT NEWS

Lawrence J. of Joshua Tree, California has received an IRS settlement approval. Lawrence J. will pay the IRS $900 of his $44,500 IRS back tax debt and he will be settled in full. Lawrence J. will have to file his taxes on time for the next 5 years and pay the IRS should he owe money for any of those years. If he does that, he will be “home free.”

NOT EVERYONE IS ELIGIBLE

For An

IRS Settlement

But if you are, you owe it to yourself and your family to get yourself a Fresh Start and settle with the IRS. There will never be a better time to have your Offer in Compromise accepted if you are eligible and qualified.

CALL TODAY

THE FLAT FEE TAX SERVICE, INC.

CONFIDENTIAL IRS TAX RELIEF HELP – LINE:

1 – 8 0 0 – 5 8 9 – 3 0 7 8

http://www.flatfeetaxservice.us

https://www.thebestirshelp.com

LIKE US ON FACEBOOK:

https://www.facebook.com/thebestirshelp

BBB BUSINESS

IRS LEVY ON SOCIAL SECURITY — STOP AND RELEASE IN 1 DAY

FLAT FEE TAX SERVICE, INC.

WILL HAVE AN IRS LEVY

STOPPED AND RELEASED

IN 

1 DAY

 If you are a struggling taxpayer, you do not have to be devastated by an IRS levy on your Social Security, Social Security Disability, (SSDI) or Veteran’s Pension.

Flat Fee Tax Service, Inc. has had great success in having an IRS Levy stopped and released prior to filing your delinquent, missing tax returns.

Keep your paycheck. Keep Your Social Security check. Keep your Veterans Pension.

CALL FLAT FEE TAX SERVICE, INC.

1 – 8 0 0 – 5 8 9 – 3 0 7 8

VISIT OUR WEBSITES:

http://www.flatfeetaxservice.us

https://www.thebestirshelp.com

https://www.facebook.com/thebestirshelp

BBB LOGO

IRS SPECIAL ANNOUNCEMENT – IRS Eases Eligibility for Offer in Compromise – Take Advantage While You Can

IRS SPECIAL ANNOUNCEMENT – IRS Eases Eligibility for Offer in Compromise – Take Advantage While You Can.

Affordable IRS Tax Relief Settlement: IRS Offer in Compromise – You Can Settle with the IRS for Less

Affordable IRS Settlement: IRS Offer in Compromise – You Can Settle with the IRS for Less.

Affordable IRS Tax Relief: IRS Levy, IRS Tax Liens and Credit Reports

Affordable IRS Relief: IRS Levy, IRS Tax Liens and Credit Reports.

Affordable IRS Tax Relief: Stop an IRS Wage Levy & File your Unfiled Tax Returns

Affordable IRS Relief: Stop an IRS Wage Levy & File your Unfiled Tax Returns.

IRS Wage Levy: Affordable IRS Levy Service – Stop Wage Garnishment Today

IRS Wage Levy: Affordable IRS Levy Service – Stop Wage Garnishment Today.

Q. How Can I be Given Hardship or Currently Not Collectible Status by the IRS?

Q. How Can I be Given Hardship or Currently Not Collectible Status by the IRS?.

Q. What if an IRS Revenue Officer leaves an IRS Card on my Door?

Q. What if an IRS Revenue Officer leaves an IRS Card on my Door?.

%d bloggers like this: