What To Do If You Can't Pay Your Bill
Steve Perry- Tax season is often seen as a chore; some receive refunds, others face tax bills. - If unable to pay in full, the IRS offers options to manage debt, stressing the importance of timely filing to avoid severe penalties. - Payment plans include short-term (up to 180 days, no setup fee) and long-term (over 180 days, with fees unless waived); balances up to $50,000 can often be arranged online. - Currently Not Collectible (CNC) status pauses collections if paying would cause financial hardship, though interest and penalties continue. - An Offer in Compromise (OIC) allows settling tax debt for less than owed under strict qualification criteria, best handled by professionals. - Penalty abatement may be available for reasonable cause or first-time offenders to reduce penalties. - Beware of scams promising unrealistic debt reductions; professional advice is crucial to navigate IRS options effectively. - Early action and professional guidance from Books, Taxes & More can prevent escalating penalties, collection actions, and financial damage. - Contact Steve at Books, Taxes & More for personalized assistance and solutions suited to individual situations.