Getting Tax Payment Extensions To Minimize Existing Tax Burdens

 

With the onset of the Coronavirus epidemic, the ensuing economic and financial instability swept the rug from beneath the feet of countless US citizens. With unemployment levels peaking at 14.7% in April, continued business shutdowns and a second wave of COVID-19 cases being reported—the IRS chose to provide convenient payments options to all taxpayers.

With the recognition that far too many people will find it difficult to make tax payments by April 15^th, the IRS extended the deadline to July 15^th to help people get their affairs in order. This announcement also included a conjunction announcing that individual taxpayers can have their deadlines extended to the 15^th of October if they filed Form 4868 before the July 15^th deadline. Assuming that taxpayers missed the deadline for the form, they have probably started accruing interest on their bills and should get in touch with a reliable tax debt relief company to help them out.  

It's still not too late to file form 4868 to get an extension on your tax debt, however, you should consider hiring a specialist to help you negotiate with the IRS. This is a great opportunity to minimize your tax burdens, at least for the short run, and pay off your debt with relative ease.

Let’s take a look at the payment options specified by the IRS, in the event that you missed the deadline.

Tax Payment Options Offered By The IRS

There are numerous ways to pay off your back taxes and pending dues, which you can avail of through an experienced IRS tax negotiator working with a tax relief service. In any case, if you have any pending tax debt, you should get in touch with the service first instead of approaching the IRS yourself.

Lately, the IRS has become increasingly stringent with its penalties for unpaid tax debt, and while there are ways of getting out of paying these taxes, you may not be the best equipped to negotiate these arrangements.

In conclusion, you can get an extension till October 15^th, however, if you missed the July 15^th deadline to file for an extension—you’ll still have to pay significantly high penalties. Given the possibility of getting these penalties absolved, you should consider working with a professional tax advisor to help you pay the least amount of taxes possible.

If you’re interested in delaying your payments or looking to get an OIC, get in touch with Empire Tax Solutions today. The company is a specialist tax relief service that helps clients meet their financial obligations to the IRS while minimizing the financial impact of back taxes on their financial status.