Recently the IRS released Eight Tips for Taxpayers Who Owe Taxes (IRS Summertime Tax Tip 2013-14). In that publication, the IRS lists eight things that taxpayers should know if they owe money to the federal government.
The eight IRS tips include:
- Pay your tax bills immediately. The IRS suggests taking out a loan to satisfy your tax debt if you are unable to pay in full.
- Transfer funds to the IRS electronically. This suggestion, again, is that you pay your bill in full and that you do so electronically.
- Pay your tax bill immediately with a credit card. As with the first two tips, this one suggests paying the IRS in full immediately.
- Ask for more time to pay your taxes. The IRS suggests that, in some cases, up to 120 days to pay your debt in full may be granted.
- Negotiate an installment agreement. This will allow you to pay your tax debt off monthly.
- Negotiate an offer in compromise. If granted, an offer in compromise allows you to satisfy your tax debt for less than you owe.
- Apply for a fresh start. This IRS program may help you if you can’t pay back taxes.
- Increase the amount of taxes withheld by your employer. The IRS suggests this as an option for avoiding debt in the future.
Which One Is Right for You? Call an Oklahoma City Tax Lawyer to Find Out
For more information about what to do if you are an Oklahoma taxpayer who owes money to the federal government, we encourage you to contact an experienced Oklahoma City tax attorney at 800-721-7054 and to read our FREE book, The Ultimate Survival Guide for IRS Problems.