Tax season is a notoriously stressful time of the year, but when you already owe the IRS money, tax season can turn into a nightmare. This tax season, take back control of your financial future. If you owe money to the IRS, here are some three easy tips to surviving this April.
1. File Your TaxesTo some, this may seem counterintuitive. Many people who owe money to the IRS try to fly under the radar of the IRS for as long as they can so they end up not filing their taxes. However, if you owe money to the IRS, filing your taxes can actually be one of the most beneficial things you can do for yourself. Contrary to popular belief, not filing your taxes does not make you any less visible to the IRS. Essentially, it’s the metaphoric equivalent to sticking your head in the sand. Regardless if you file your taxes or not, the IRS knows exactly how much money you owe and with each passing day, your total amount due continues to grow thanks to interest and penalties. However, if you need to file for taxpayer relief through the IRS Fresh Start Program, you must have all of your past tax returns filed to qualify.
Have unfiled back taxes? Click here to complete a brief survey and connect with a Certified Fresh Start Specialist!
2. Have a Tax Professional File Your TaxesThere are plenty of free tax preparation services out there that promise to help you file your taxes, but when you owe money to the IRS, now is the time to bring in a professional. While it may be hard to justify paying a tax professional a couple hundred dollars to file your taxes for you when you can “do it yourself for free”, now is not the time to DIY. If you owe the IRS money, any tax refund that you receive will be automatically taken to repay your debt. That being said, it is more important than ever to get the highest refund possible to help you pay off your previous tax liability. Tax professionals know the tax code forward and backward. If you already owe the IRS money, now is the time to let a pro step in to ensure that you don’t end up owing even more.
Owe back taxes? Connect with a pro! Click here to fill out a brief survey to be connected to a specialist.