We all know that feeling when you've made a mistake, but you don't have to stay in trouble. Here are tips and actionable steps to help you get out of the tax doghouse.
Consider a payment plan.
You should still take action even if you can't pay your tax debt immediately. You can stave off liens, levies, and other collections activities by working with tax authorities. You can for an installment agreement with the IRS online—without even speaking to an actual person—if you owe $50,000 or less in combined individual income tax, penalties, and interest, and you've filed all of your tax returns.Taxpayers often find themselves in tax trouble because they aren't withholding enough throughout the year—withholding is the amount of federal income tax withheld from your paycheck.
to help you estimate your federal income tax withholding, see how your refund, take-home pay, or tax due are affected by a withholding amount, and choose an estimated withholding amount that works for you.You can't resolve your tax obligations by ignoring them. Help is available. To contact the IRS about your tax account, start with your notice or letter—typically, you'll find an address, contact name, and phone number listed on your correspondence.
. The TAS is an independent organization within the IRS that works to help taxpayers resolve issues that taxpayers haven't been able to fix on their own. They have offices in every state, the District of Columbia, and Puerto Rico, to work with you. The best part? Services are always free.You'd be surprised at how many taxpayers repeat the same mistakes—making a few small changes results in a more favorable result going forward.
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