By Mindy Laughton
Taxes can be a very difficult time of the year. Your business taxes can be more complex to file than your personal income taxes. Unfortunately, there are several circumstances throughout the year that can cause you to be late filing your taxes or not filing at all. The IRS doesn’t have any sympathy for even valid excuses that may have caused you to be delinquent on your taxes. However, due to unforeseen income taxes, you may be awarded an extension. A tax professional can help you get your taxes in order to help you avoid huge fees and tax penalties.
Reasons Tax Payers May Need An Extension
Medical Bills
There are extenuating circumstances that can lead to illnesses throughout the year. For example, a car accident, sudden injury, or debilitating disease can cause a lengthy hospital stay. Unfortunately, an illness that occurs around income tax time can leave you in a dilemma with the IRS. Don’t wait until the last minute to discuss your medical issues with the Internal Revenue Service. They may be able to work something out with you in advance in lieu of your recent illness or injury.
Loss Of Income
Unfortunately, an injury can result in you losing your income temporarily or permanently. You may receive an adjustment to help you accommodate losing your job. You may not owe a portion of your taxes if you lost your job. An income or business tax specialist can help you sort out your taxes for the current filing season. Losing your job can have a major impact on your income taxes. In fact, losing your job may set you up for additional tax breaks like the Earned Income Tax Credit for low-income tax preparers. You can consult with a tax advocate about your unique situation.
Other Help For Delinquent Taxes
There are ways you can significantly reduce your income tax debt.
How does tax debt relief work?
You may have seen commercials that advertise tax relief and wasn’t sure how it could benefit you. Tax debt relief allows you to qualify for tax forgiveness. They will allow you to compromise a settlement for less than what you owe. Tax debt relief is also considered a fresh start program to keep you out of tax debt. Learn how you may qualify for tax relief by consulting with a tax specialist.
Other Tax Benefits
A tax levy can hit you hard. You should prepare your business taxes early to ensure you’re claiming the appropriate tax credits. You may be delinquent on your taxes, but there could be other benefits that you may qualify for that can lower your tax debt. This may also be true if you go over your previous year’s income taxes and look for discrepancies. You will be very pleased with the number of people that find extra credits or errors that help them get additional funds to ease their tax burden.
You can also find the opportunity to get a free tax advocate to help you with your tax burden if you have a low income. They’re available through the 800 number of the IRS. You can simply call the IRS to see how you qualify. Many low-income tax preparers use their services when they’re being audited. You get a trained tax specialist that’s familiar with the tax laws and can help you correct your tax return and claim the highest amount that’s possible. Don’t wait until the busy season to request a tax advocate to help you. Nobody wants to be audited. It’s very hard to correct your business taxes on your own. You should always hire a professional. They understand the complex tax laws that may not be available through tax software. You can use their service to pay extra attention to your taxes. They will also debate with the IRS if you owe additional funds. Best of all, they can help you make arrangements if you owe money to the IRS. They will try to work with people that try to catch their tax discrepancies early. It’s best to get these issues resolved before you’re given a tax levy or are being audited for an error.
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