What To Do If You're Not Going to Be Able to Pay Your 2015 Tax Bill
Release Date: 02/25/2016
This is episode is for anyone worried that they're not going to be able to pay their 2015 tax bill on time this year. This is the time of year for that sort of thing so I will share some tips on what to do if you happen to be in that situation.
1) First off - Don't panic. It may seem like the end of the world but it really isn't. Keeping your head on straight will help you make the correct decisions early on to help reduce the effects this problem will cause your family.
2) Stay current on your 2016 taxes. That means keeping up with your estimated tax payments. If there is any chance of you spending this money elsewhere you could get into the habit of paying your estimate taxes on a weekly basis. That way the sum you're handing over to Uncle Sam won't seem so large. Plus if you're going to have an issue of even paying your estimated taxes this year it's better you realize that in a couple of weeks from now instead of waiting an entire quarter to find that out.
3) Don't ignore any attempts the IRS makes to reach you. A lot of people get nervous and hide at this point. Which is the last thing you want to do because it just makes the problem worse. Even though an IRS problem isn't the end of the world they still are very serious and should never be ignored for any reason.
4) Contact the IRS to make payment plans. Remember any deal you cut with them will also need to include you paying your 2016 estimated taxes on time. If not your payment plan agreement will go into default as soon as your 2016 tax bill comes due next year in April.
5) Get in touch with a qualified tax attorney who has experience solving IRS problems. Chances are your problem isn't as bad you think it is. Getting a professional's opinion is just going to help you. Just make sure the person you turn to offers you solutions and not scare tactics. IRS problems are scary enough without having some bozo trying to pad his wallet by stoking your fears.