PLAN THE PAYMENT OF YOUR TAXES IN 2016

PLAN THE PAYMENT OF YOUR TAXES IN 2016

Every start of a new year is time to think about the things that should come ahead. We make plans, we set goals to achieve. Some people hope to buy their first house, change their cars or find a good hobby. Others want to stay healthy with a better diet as well as doing more exercise. But any kind of goal we set will be related to taxes; even the cup of coffee you buy, you’ll be paying taxes. If you buy a house, you will pay taxes related to it and if you buy a car, you will also pay taxes for it as well as taxes for the fuel you need to drive there. And if you go to work, you will pay taxes on your income. It seems that our life is in every way bound to taxes. There are taxes in every kind of activity in our lives. We must mention the famous phrase that Benjamin Franklin expressed in 1789: “Nothing is certain, but death and taxes.”

Having in mind that we are subject to paying taxes on everything we do, it is worth to mention that there is the possibility of finding a relief for those who, for some reason, are in tax debt situations with Internal Revenue Service (IRS) or the federal government. Of course, this requires compliance with the tax laws. We won´t list the tax law, as it is ten times longer than the Bible and also has way more complexity.

Maybe you’re in debt to the IRS, the government took all the savings from your bank account; or is taking part or all of the money from your paycheck and is not letting you have money for your basic expenses. For your information, the tax law is summed up in two basic aspects: the first is to do your tax return from year to year, and second, pay your current taxes. Once you begin to comply with this aspect of the tax law, it is very possible the IRS is willing to negotiate your debt, either by making a payment plan or offering to pay a much smaller amount than you owe them, and this would be based on your financial situation. Make sure to find a solution to this problem and seek help with a good tax professional to represent you in front of the IRS.

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