Tackle Tax Troubles in 2015 With These Quick Tips
It’s tax time again, and it snuck up sooner than expected. If you’re rushing around trying to file, pause what you’re doing and check out the tax trouble solutions below, based on FAQs from IRS.gov. Some of our quick tips may make all the difference for you this tax season.
For more time to file:
You can get an automatic six-month extension from the IRS with Form 4868.
For more time to pay:
If you owe more than you can pay now, it is still best to file by the deadline, April 15, and set up a payment plan with the IRS for owed taxes. If you owe less than $50,000, you can easily sign up for a payment plan online. If you owe more than $50,000, or you prefer not to sign up online, you can file Form 9465 to request an agreement.
To reduce the amount you owe from penalties:
If you are struggling to pay your penalty fees, you may qualify for an Offer-In-Compromise, an IRS agreement that settles what you owe for less. To determine if you qualify, the IRS reviews your ability to pay, income, and assets. To find out if you are eligible, check out this pre-qualifying tool from the IRS.
To get your tax return more quickly:
One great way to get your tax return more quickly is through direct deposit. You can opt to have your return deposited directly into a bank account, or even onto a prepaid reloadable debit card, such as the U.S. Money Prepaid Card. This way, you can access your return money sooner than you would by waiting for a paper check in the mail.
Taking care of your taxes is often stressful, but always necessary. Hopefully these tips will make your tax season a bit less taxing.