Tips on How to Clear You’re your Tax Bill
The introduction of the new tax laws but about differences in terms of the salaries that people received. The bigger percentage of Americans did not take the necessary measures so as to ensure that the tax withholding preferences account for the changes in tax law. It was a joy to get the big paychecks but imagine the surprise when it occurred to them that their refund will be affected. Another group of people who were in shock are those who received a tax bill that they weren’t expecting . Basically, the changes in tax law this year put a large number of Americans in a bind especially if they did not plan in advance. If you received an unexpected tax bill, the following incentives that will help you to clear it whether you can or can’t afford to .
This first section is for the people who can pay the tax bill. There options that you can consider some of them might be free or low cost. It is important for you to note that it is impossible to extend the deadline of your tax payment. If time is running out for you to file your returns, it is possible for you to request for extra time. Using a check or money order is a suitable choice for a person who would like to file their tax returns by mail. IRS has put in place some guidelines that should be followed in the process of filling out a money order check.
Another method that you can use in the payment of the tax bill is wiring the money to the IRS. Is important for you to note that you will need to do this through your bank or financial institution and you will be charged a fee for the transaction. When you request the wire transfer, you will need to fill out the ” same day taxpayer” and provide it to the bank.
On the other hand, if you cannot afford to pay your tax bill the options that you can consider but you must act quickly. Note that the IRS will start charging interest on your bill after the due date is passed. One of the options that you can consider is to sign up for IRS payment plans. The two main divisions of these payment plans include the short-term and long-term. Although you do not need to pay any fees to set up these plans, the penalties and interest your accrue shall not be waived. For more information on this topic check out this link.