Tax season can be stressful – especially for people who fear that they might owe Uncle Sam and wonder if they have the funds to cover the bill.
Fear not! It’s important to know there are things you can do to make it easier on yourself. Even if you don’t have the money to pay the government what you owe, it is critical that you file your return by the April 15th deadline. The IRS levies separate penalty fees for failing to pay taxes and failing to file a return. So, file your return by the 15th and contact the tax collection agency to begin the conversation with them about setting up a payment plan. At the very least you will avoid having to pay the penalty for filing late.
Interested in learning more about making life easier during tax time? Visit the NY Daily News article “People scrambling to make April 15 tax deadline have options, but must file return on time at: http://www.nydailynews.com/life-style/people-scrambling-tax-deadline-file-time-article-1.2166832.
Davis & Hodgdon Associates CPAs has been assisting individuals, businesses, and nonprofits with tax, accounting, and financial planning services in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].