Does it look like you’ll owe the IRS more than you can pay?

| Feb 7, 2020 | Back Taxes or Tax Debt

While the year 2020 may still be in its early stages, tax season will be here in the blink of an eye. Many Connecticut residents are already fast at work getting their taxes completed, and some are finding that they owe the Internal Revenue Service more than they can possibly afford to pay all at once. Thankfully, if you are in this boat, you do have a variety of payment options that you can utilize to ensure you stay on the IRS’ good side.

Believe it or not, the IRS just wants to get paid. Whether you pay in full by mid-April, seek out an Offer in Compromise, request an extension or negotiate a payment plan, it is all good as long as you make sure to meet your obligation in full at some point. By paying after the traditional tax deadline, just be prepared for interest and fees to be added to your tax bill.

The sooner you act when you find your tax bill unpayable, the better. You can contact the IRS yourself, or you can seek help negotiating a payment plan. The latter is suggested only because tax law is complex, and the IRS does not necessarily make working out a payment schedule easy.

If you find yourself among the many Connecticut residents who will struggle to pay their tax bills this year, do not stress. You are not in this alone. With the right assistance, you can get through this. To learn more about how legal counsel can help you tackle this and any other tax issues that may arise this year, please take a moment and visit our firm’s website.

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