Help! I Can’t Pay My Tax Bill!

hey its going to be okay

If you have filed your tax return and you need to pay an amount on your tax bill that you can’t afford, there is help. This guide will introduce you to the options that may be available to you and help you to choose which option is best for your case.

hey its going to be okay

3 Options to Help You Take Care of Your Tax Bill

1. Extension of Payment

If you find yourself in the temporary position of not being able to pay your tax bill, you may qualify for a short-term payment plan (or extension of payment). If you can make the payment within 120 days of filing your return, this will be a better option than an installment plan because although you will be liable for interest (and some penalties) it may still work out less expensive than paying in installments. Find out if you qualify here ( online-payment-agreement-application).

2. Paying in Installments

This is a viable (although more expensive option) for paying your tax bill if you can’t settle the entire amount at once. You may be eligible for an installment agreement for a variety of reasons, and this option will have you paying off your tax bill over a time period of up to six years. If you are granted this option it is important to ensure that your installments are paid timeously to avoid defaulting on the agreement. You can apply online for an installment agreement here ( online-payment-agreement-application).

3. Offer in Compromise

If you can’t pay your full tax bill or if paying the full amount can cause you to fall into financial hardship, you may be eligible to negotiate an offer in compromise. Various aspects of your unique case will be considered before your application for this option is approved including your income and expenses, your ability to settle your bill, and your asset equity.

This option should be regarded as a last resort. It will not be granted without a thorough assessment. You may also request an appeal ( pub/irs-pdf/f13711.pdf) if your offer is not approved. Find out if you qualify here ( payments/offer-in-compromise).

It is important to note that these options will not be available to everyone and that these payment options won’t allow you to skip out on your tax bill. Any late submissions, late payments or failure to file your taxes will result in penalties and interest on your tax bill which you should avoid at all costs. For tax assistance and more information on the best payment option for your specific tax bill contact Georgen Scarborough Associates, P.A.

Essential Tax Tips for First Time Tax Filing

tax filing tips

Need some tips on filing taxes for the first time? With these tax tips, filing your taxes for the first time can be a little less daunting.

relieve stress

Tax Tips for Filing Taxes

How you approach your filing can make all the difference between getting it done quickly and a massive tax headache.

Here’s how to make filing taxes easier:

Step 1: Gather all the information you will need, and keep it on hand while filing your taxes.

Step 2: Start the process early to avoid any penalties and deadline related anxiety.

Step 3: Use free resources to help you manage your filing and tax-related issues easily.

Free Resources to Help You With Filing Taxes

Your first stop for reliable, updated tax resources should be the Internal Revenue Service. This website ( has resources to help out any tax filer, including those in the military service, individuals with disabilities, and seniors or retirees.

Resources also include an Interactive Tax Assistant (, various Tax Tools as well as links to the different forms and documents you will need.

More Tax Tips and Questions

Do I Need to File a Tax Return?

The answer will differ from one case to the next, but filing a tax return may be beneficial, even if you are not required to do so by law. If you’re unsure of the requirements, this resource ( forms-pubs/about-publication-501) can help you determine if you need to complete a tax return.

Can I File My Own Return or Do I Need Professional Help?

In many cases, you can file your taxes without professional help. If you only have a single income from formal employment or your tax status is unchanged (meaning that you didn’t get married or divorced, you didn’t acquire a business or make large investments) and you have a clear understanding of what your tax software requires from you, then you can file your own tax return. However, it is still a good idea to consult the relevant resources to guide you through the process.

You may need professional help with filing your taxes if you have more than one stream of income (from investments, a business, rental income, and the like.) or if you want to get a strategic plan together for structuring your taxes. If you don’t understand the process and you’re worried about making mistakes it is always advisable to get professional help with filing your taxes.

Which Dates Do I Need to Remember for 2020?

Visit our blog for all the dates that you need to remember for the 2020 tax season. Keep in mind that there are different dates for federal and state taxes.

At Georgen Scarborough Associates, PC, we are committed to giving each client personal attention to ensure that your tax preparation is handled quickly and efficiently. For more tax tips and information on our services, visit our website.