When it comes to tax payments, the IRS is always realistic. However, for some people, the tax burden can be too much for them to handle. If you are not in a state to pay the taxes, you must get in touch with a tax professional or CPA firm in Centennial, CO, as soon as possible. They will make sure that you are aware of the tax relief programs. Mentioned below are the four tax relief programs. 

  • Penalty Abatement
  • Tax installment agreement
  • Offer in compromise
  • Currently non-collectible 

Want to file taxes late? Keep these points in mind!

  • Form 4868 is what you need to fill out if you want an extension. And the good thing is you don’t need to state the reason why you want to file taxes late. Filling out this form will give you an extension, and you will not have to pay the penalties. 
  • You have filled out the form, but it is important to keep in mind that this is only for the filing process. You will need to make the tax payments within the standard deadline. 
  • Also, the extension will just extend the deadline for the tax filing, and it will not reduce the taxes you owe. 

How can a tax professional help? 

You may be a business owner, and the tax filing and paying process may get too complicated for you. Here, you need the help of a tax professional like a CPA. They have the required knowledge and expertise to perform these processes in the most efficient way. Also, they will make sure that everything stays absolutely fine and you don’t have any complexities in the future. Even if you have missed the deadline, you must get in touch with these experienced people. They will help you with ways to reduce the penalties. 

Also, the process becomes easy if you are consistent with the bookkeeping process. But you don’t have much time to focus here. Also, you may lack the expertise. However, this doesn’t reduce the importance of paying taxes. So it is better to get professional help for bookkeeping. 

Summing Up

To sum up, it is crucial to give some of your time and effort to filing tax returns every year, and if you fail to do so, you will have to face serious consequences later. If you are not able to take these steps, just make a little effort and get in touch with a tax professional; they will take care of everything. 

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Monday, Apr 15, 2024