Dealing with taxes at any level can be quite difficult. There are so many complications involved when it comes to both tax filing and receiving various audits. Luckily, there are helpful tax services out there that can equip you with the necessary knowledge and practice advice for dealing with these unexpected audits.
The Internal Revenue Service (IRS) carries out three different types of tax audits: correspondence audits by mail, office audits involving physically visiting the IRS office, and field audits, which is when the IRS arrives at your business. At any time, the IRS can charge with you sometimes unexpected tax bills — knowing how to handle these situations can drastically yelp your bruises remain financially secure and prepared for a successful future.
Even if you don’t have the resources to pay back anything you owe at the current time, you shouldn’t panic. There are still ways to get yourself in good standing with the IRS. Here are a few helpful steps for better handling unexpected tax expenses:
- File on time and pay as much as you can — You shouldn’t have to go broke just getting caught up on your tax returns. Simply filing on time and paying as much of the bill as you can should allow you to at least lower interest fees and potentially expensive penalties.
- Setup a manageable payment plan — If you can’t pay your bill in fill during the time of your return, you can actually work with the IRS and setup a payment plan. Keep in mind, however, there is a small fee that you’ll have to pay, as well as possible interest charges, but doing this should at least keep you in good standing with the IRS.
- Request an extension — Though the IRS might seem intimidating from afar, as long as you’re respectful and responsible with the majority of your payments, you should be granted a payment extension. This is one of the best tax services to utilize if you’re in a dire financial situation. You might even be granted a six-month grace period, which should help you get your finances in order.
If you want to learn more about how various tax services can help you and your business better handle your bills and finances, as well as speak with a trusted business advisory firm, give CST Group a call right away — and good luck!