What Should I Do if I Can’t Pay for My Taxes?

What Should I Do if I Can't Pay for My Taxes?

Due to the pandemic, our economy and livelihood have suffered a great deal. So much so, that some of you may be having trouble scraping up enough funds to pay for your taxes. If you’re in that kind of situation right now, don’t fall into despair. Some methods that can help you with your predicament are listed below.

  • Installment agreement
    This method allows you to set-up monthly payments for your tax. This can be paid for up to six years. However, you must remember that the interest is still piling up and that you still have to pay taxes for the current year.
  • Offer a compromise
    If you absolutely have no means to pay your taxes, you can negotiate with the IRS to pay an amount that is less than what you owe. To be approved, IRS will have to verify your circumstances and see if paying your tax liability will cause financial hardship.

Everyone’s tax situation is different, so it’s still important to rely on tax services in Philadelphia, Pennsylvania for advice.

If you need help regarding tax preparation, tax filing, or other financial services in Pennsylvania, you can rely on us at Seigler’s Tax & Financial Services, LLC.

For accurate and efficient tax and accounting services, give us a call.

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