Tax Filing Recommendations

Friday, May 22, 2015
We are the Strategic Tax Lawyers and we are Encino Tax Attorneys who are experts in the tax code. April 15th is just around the corner and chances are you will owe Uncle Sam some money. So, we have some tax filing recommendations we want to share.  The most important being, pay the IRS something on time, even if you can’t pay the whole amount.

Some taxpayers may owe the IRS more than they can afford to pay.  If this is the case, don’t ignore the situation, you still need to take action. Make sure to file on time so you avoid any penalties that could accrue for filing late.  Just in case you can’t afford to pay all your taxes by April 15th, then you should definitely file before the due date and pay the maximum you can afford. At least by filing on time you will avoid a late filing penalty.  It goes like this, if you pay the IRS on time if you pay the most that you can, then you will accrue less interest charges and avoid a late payment penalty charge.

Also, the IRS has an option for electronic payment called IRS Direct Pay.  This lets you schedule online payments which is linked to your bank account.  Once a transaction is made you will receive a payment confirmation.  The online payment system is quick easy and secure.

Then we advise that you try to pay the remainder of your tax debt as soon as possible.  There are options such as pay with a credit card or take out a loan to cover the balance.  Most times a bank will charge lower interest rates than what you will incur for late penalties from the IRS.  Using the IRS’ Online Payment Agreement tool you can set up a payment schedule using direct debit.  This way it is automatic and you won’t have to worry about making a payment each month. Another benefit is that you won’t miss a payment which would mean additional penalty charges.

If you take home any message from us, please remember to file on time.  Also, make a payment to the IRS and if you can’t pay the full amount then pay as much as you can. Don’t just ignore the tax bill if you can’t afford it all.  There are options that the IRS will offer for collection.  Contac the IRS or visit the IRS website to avoid any penalties.

The Strategic Tax Lawyers, LLP are a firm of Encino Tax Attorneys who are also State Tax Levy attorneys, Payroll Tax attorneys, and IRS Fresh Start attorneys.  The firm specializes in all aspects of the tax code and has years of experience in tax-related and IRS issues.  Call the Strategic Tax Lawyers at (800) 669-4775 for a free consultation to assist you with your tax-related matters.