While some just forget, the weak economy has made it almost impossible for others to pay their taxes
Stan Suit has been preparing taxes for more than 30 years and has heard every excuse about why people wait until the last minute to file their taxes.
“They lost their W2 forms or their 1099’s, or they didn’t receive a W2 or a 1099, I have four children and takes up all my time and I simply forgot about tax season,” said Suit.
While some just forget, the weak economy has made it almost impossible for others to pay their taxes. Suit says there’s help though.
“If you’re in the category that you owe taxes and you do not have the money to pay them, you can request from the IRS a payment plan, an installment agreement request which form 9465. There is a charge that the IRS adds to what you already owe them. I believe it is $100. The plan will allow you to make reasonable payments, but at the same time interest is being added on your account,” said Suit.
What if you are one the many that has to file an extension? Attorney Glenn Booker breaks down what to do.
“You need to file 4868 which is an application for an automatic extension to October 15. That form can be obtained from the IRS website, irs.gov. That allows you to extend the filing deadline. However, you’re not relieved of paying the tax. You must make a good faith effort to estimate the tax and submit the payment with the extension request. That has to be timely submitted, preferably certified mail with a date stamp at the post office,” said Booker.
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