As we all know Tuesday, April 18, 2017, was the last deadline to file the tax returns, but if you are one of them who were unable to file at that time, don’t delay it further. Perfect Tax & finance professionals can bring ease in filing your tax return.
Here’s the list what you can do if the return is late!
1. Collect all the essential information aligned with income and deductions for the tax years (the year for which return has to filed) and reach to the tax preparation Texas office.
If you owe money, the sooner you do it, the better off you will be, to put a halt on interest and penalties.
2. IRS understands if you are suffering from financial hardships, but don’t prolong tax bill, because it may force them to take an action.
The best part is flexibility in paying tax. There are several ways to pay your taxes such as credit card, check, money order, funds transfer, cashier’s check or cash. Moreover, no IRS fee will be levied if you pay from tax from a major credit card or debit card.
Payment options for unable to pay in full
Usually, taxpayers are encouraged to pay as much as possible, but many times there are chances that you are unable to pay. Instead of owing high interest and penalties, it is better to pay something based on circumstances. A Taxpayer can also qualify for an extension of time, the installment agreement or a compromise offer in case of procrastination.
There are few options to pay your tax in chunks, choose the best that fits your pocket and impose less interest and penalties. Following are few options:-
1. IRS direct pay is one amazing option for individuals to pay directly from checking or savings account. It is a free and fast method, as payer can choose either short- term payment extension or a monthly payment plan.
A. Short term extension refers to additional 60 to 120 days allowance in which no fee is charged, but penalty and interest are applicable.
B. A monthly payment plan gives a payer more time. However, penalties and interest charged are high.
2. Individual taxpayers who don’t have any bank account or any credit card, they can pay in cash at one or more than 7,000 7- Eleven store stores nationwide.
Fortunately, one should understand several ramifications in case of non-filing of income tax return. In order to protect yourself from them, do not hesitate to take help of Perfect Tax & finance firm help in tax planning Texas to bring ease in paying down your return.