The Ultimate Guide for Clearing Your Tax Bill
The introduction of the new tax laws but about differences in terms of the salaries that people received. The bigger percentage of Americans did not take the necessary measures so as to ensure that the tax withholding preferences account for the changes in tax law. It was quite shocking when they stumbled upon the realization that the bigger paychecks extrapolated to losses in the refunds that they were expecting. It is also quite surprised when another group of people received a tax bill despite the fact that they weren’t expecting one. Failure to plan in advance along with changes that were made to the tax law this year have put many Americans in a bind. Whether you can or can’t take care of the unexpected tax bill, the following guidelines will ensure that you clear it.
If you can afford to pay your tax bill then this section is meant for you. There are various options you can choose from some of them which are free while others require you to incur some expense. It is important for you to note that it is impossible to extend the deadline of your tax payment. If time is running out for you to file your returns, it is possible for you to request for extra time. For personal plans to file the tax returns by use of mail, you can always choose to wire your payment or send a check. It is recommended for you to follow with caution the guidelines that the IRS has provided for filling out the check or money order.
You can also consider wiring the money to the IRS so as to pay your tax bill. Is important for you to note that you will need to do this through your bank or financial institution and you will be charged a fee for the transaction. Use of various documents you need to fill out and provide them with the bank upon the request of the wire transfer.
For those people who cannot afford to pay the tax bills and various options that are available but they require you to act very fast. The IRS will start charging interest on your tax bill if you do not pay by the time it was supposed to be paid. If you’re not able to pay your bill there are various IRS payment plans that you can sign up for. The two main divisions of these payment plans include the short-term and long-term. It is important for you to note that you will still need to pay for any interest that is charged on your tax bill. For more information on this topic check out this link.