If you still have not filed your 2024 income tax returns, or can’t pay what you owe, fear not. We are only one week away from the April 15 deadline. But there is still time to file an extension and enjoy peace of mind. One caveat – we need to hear from you immediately. No matter how dire you feel your situation is, we want to help!
Tax bill bigger than your wallet? Keep calm.
As a taxpayer, you shouldn’t worry if you are unable to pay your 2024 tax bill. Many people and businesses are in the same situation. We will explain all of your options in our free consultation. Filing the extension on time avoids the large failure of file penalties, and can avoid the more serious consequences. Don’t wait until an IRS agent knocks on your door – which could ruin your life, business and marriage.
To file or not to file? That isn’t a question.
If you’re not ready to file your tax return by the deadline, submitting a tax extension gives you an additional six months to file – but it doesn’t extend the time to pay any taxes owed. Filing an extension avoids the large failure to file penalties and gives you half a year to gather complete and accurate information. It’s a smart move if you’re waiting on key documents, need time to review complex issues, and want to have your income tax return prepared in a professional manner that only requires the absolute bare legal minimum in taxes.
Do not let the term “IRS Collections” frighten you.
The IRS collections process begins with a demand for unpaid taxes. If you do not respond, the IRS will send a series of notices, each becoming more urgent. Ignoring your tax bill can lead to enforced collection actions such as wage garnishments or bank levies or the IRS going to your employer or clients demanding that they pay the IRS and not you, which can be disastrous with your relationship with your employer or clients. However, “going into collections” isn’t inevitable – filing your extension or income tax return, responding to IRS notices, and making a deal before it escalates. The key is to act early and stay in communication with Moskowitz LLP so we can negotiate effectively on your behalf with the IRS. Now exhale.
We want to get you an affordable payment plan.
We want to get you an affordable payment plan that lets you pay your tax debt over time in monthly installments oftentimes over a period of years to keep the payments smaller. To get a plan you can sustain, we start by reviewing your budget together to figure out what you can reasonably afford each month. When we talk, please be completely candid about your financial situation. This helps to get the IRS to approve the plan we develop on your behalf. Setting up a manageable plan helps avoid collections and stay in good standing with the IRS. Talk to us for our free consultation.
We want to kick penalties and extra charges to the curb.
Many people qualify for IRS penalty relief but do not realize it. In some cases, the added penalties and interest can end up costing more than the original tax bill. The IRS offers penalty abatement for the right reasons. It’s always worth checking – penalty relief can significantly reduce what you owe. Obviously, you can rely on your team at Moskowitz LLP to handle all this representation for you.
Visit us at moskowitzllp.com or contact us at 415.394.7200 or info@moskowitzllp.com to learn more about our services or to book your appointment.
