Ways to avoid AN IRS TAX PENALTY
Most of the time, it's not the tax debt that we are burdened with but the high tax penalties and interest which has incurred. They're usually higher than what we are expected to pay and a lot more than what we can afford. Through this, we are faced with tax problems that should not suppose to arise if only these IRS tax penalties have not brought down on. IRS tax penalty should be prevented and prevented to start with before it eats up all our finances.
What is IRS tax penalty?
IRS has integrated several tax penalties on the Internal Revenue Code and they are supposed to assure compliance in paying tax debts on time and not to cause serious tax problems and frustrations to taxpayers. Here are three separate IRS penalties that you should know: failure to pay, failure to file and interest. A penalty is assessed for the following issues:
* Tax fraud
* Accuracy related penalties
* Late filing penalties
* Late payment penalties
* Failure to pay a tax
* Filing a frivolous return
If you owe a certain tax amount to the IRS and are unable to pay it on time, no matter how small it is it will generate high interest rates and penalties on top of the principal amount. This situation can create frustration on a taxpayer's part especially when you are paying more that what you can. You can avoid IRS tax penalties and seek tax relief help from an IRS
tax attorney immediately. As time goes by, the greater penalty and interest will compound and it will be harder for you to pay off your tax debts.
How to avoid IRS tax penalties?
* You should file tax returns on time.
* If you feel that you are unable to pay your taxes on time, request for an extension.
* If the amount of tax you owe is too high and you can't afford to pay in full, ask an Installment payment plan so you can pay it in a much inexpensive cost for several months.
* if you are experiencing caught in a situation that hinders you to pay what is due, file a form requesting for IRS penalty abatement. Reason can be either death in the family, natural disaster, unintentional destruction of your records, or a lengthy amount of unemployment.
* Seek assistance from a tax professional like an IRS
tax attorney, Certified Public Accountant, or IRS enrolled agent to represent you to the IRS and resolve your tax problem immediately before the penalties and interests get too high for you to bear.
Instant Tax Solutions is one of the reputable IRS tax relief firms with experienced and trusted IRS tax attorneys and lawyers who are knowledgeable on tax codes and they can handle your tax problems with integrity and exceptional dedication.
VANESSA MEAN - TECHNOLOGY EDITOR- Vanessa Mean is the premier technology consultant for several top technology magazines. Her syndicated column, What's New in Top Tech, reaches 30 million Americans every day. In 1993, Vanessa worked with the first major television break through, broadcasting to over 150 million people worldwide. This breakthrough in broadcasting technology has provided the basis for HD television broadcasting today. A technology that is used globally to deliver rich, focused content to digital subscribers.In addition to her column, readers find Vanessa on the leading edge of television services. As a liaison for a major television consulting company, you can trust Vanessa for the best deals in satellite television.
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