The problems associated with delinquent taxes can be hard to deal with, but it doesn’t have to be that way. Many people don’t understand how they can move things in their favor when they’re in court. While taxation isn’t always pleasant, there are some ways to protect you.
The best way to avoid these issues is to find a tax professional, and GLG Accounting has qualified CPA’s who know about tax regulations. They also know about all the available options.
Are there any extensions available when paying delinquent taxes?
You can apply for an extension if you need more time to file. It will make sure you aren’t charged any extra penalties. If you’ve already filed, you can always apply for a payment plan. There may be more regulations for this option, but every situation is different. To find out the best course of action, be sure to talk to a qualified CPA.
What kind of charges is added for delinquent taxes?
You will have to pay a percentage of what you owe, which increases every month you’re late. There are some regulations on how much they can charge you, but delinquent taxes can still cost you a great deal.
The best way to avoid these extra charges is to ask for an extension, but choosing to ignore the problem will only cost you more money. The IRS also has a great deal of collection power – none of which will benefit the taxpayer.
Is it more affordable not to file when the return is overdue?
You may think it’s cheaper not to file when your tax return is overdue, but it’s far from the truth. A penalty can be assessed if you don’t file your taxes. That’s why you should pay as much as you can, even if it isn’t the full amount. Not only will it keep you from getting charged more penalties, but it can also reduce your liability later on.
Do I need an accountant to handle my delinquent taxes?
You can try to take care of your delinquent taxes by yourself, but having an accountant can be beneficial. A qualified tax professional will know how to reduce your tax liability, and he or she can make sure you comply with current tax regulations.
Accountants are also required to receive ongoing training to keep them up-to-date on the latest changes in the industry. Keeping up with this on your own can be tedious. So, it’s better to hire someone who deals with these issues on a daily basis, because he or she may know about a regulation for which you may not be aware.
What if I can’t afford to make a payment right now?
You can always file for an extension, as it will keep you from being charged any more penalties. But you should also pay as much as you can, whenever you can. It will show the IRS that you’re serious about covering your tax obligations, and it could make them more cooperative than if you were to ignore the problem.
Filing for an extension is the same as admitting that you owe them the full amount. So, you should speak to a tax professional to find out if there is anything questionable on your tax bill.
Are you ready to take care of your delinquent taxes?
If you want to take care of your late taxes in the best possible manner, GLG Accounting has CPA’s available to help you navigate tax laws and regulations. Regardless of your situation, we will show you the best way to take care of the problem.
Your initial consultation will allow us to get to know you, and it comes at no cost to you. Once we’ve taken the time to understand your situation, we’ll start working on a plan to help you take care of your delinquent taxes in the most effective manner possible. Not only will we be honest about whether we can help you, but we will also offer you a solution to fit your circumstances.
So, if you want to find out more about how we can help you, get in touch with us today!