As the year comes to a close, many of us have yet to think about our taxes due in just a few short months. Like so many other aspects of our financial lives we often put stressors like debt out of our mind until forced to deal with it. Unfortunately, this is a poor strategy, especially when it comes to your taxes.
Tax debts can happen to anyone, even those who have never been subject to owing the IRS in the past. Miscalculations, disqualifications for deductions and errors in the company?s accounting office can all result in you owing the IRS. It is important to begin organizing and submitting your tax returns as early as possible in the New Year. Why? Because this can prevent surprises in the form of tax liability.
First, organize your documentation needed to prepare your taxes. If you are claiming deductions for medical, moving or interest payments on loans, be sure you have the receipts or statements to prove these payments.
Second, obtain help from a professional. Having a certified public accountant manage your taxes is a more secure source of tax preparation assistance than those cookie-cutter tax services. It is important that you work with a trained professional in the field of finance and taxes, not someone who obtained their training on-the-job.
Last, consider your situation. If you do find that you owe money to the IRS evaluate your ability to repay. The IRS is surprisingly helpful when it comes to collecting on tax bills. If you are experiencing a financial hardship you may be able to negotiate a payment plan with the IRS that fits your budget. While some tax debts are dischargeable in bankruptcy, you shouldn?t count on this as a form of help with your tax bill. You just find that you can take care of your debts with help of the IRS.
Contact a Dallas bankruptcy attorney if you have any questions about your tax debts before tax return deadline, April 15th, approaches.
Source: http://leebankruptcy.com/bankruptcy_blog/taxes/tax-debts-and-the-new-year/
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