Most of us have heard how tough situation could get when one fails to file and pay the taxes at proper time. what most of us do not know that, IRS as an organization is focused on getting the tax the paid and not on punishing people. The organization have opened quite a few roads to allow people enjoy a flexible and better payment process. The only problem is our lack of knowledge about the procedures that they have introduced much earlier. It is time to know what to do when you are unable to afford your taxes including marking it as currently not collectible status.
It Happens To Many People
If you think that you are the only one under the radar of IRS, you are wrong. Tax issues happen to too many people every single year. The only necessity in such situation is to know what to do. Being late to file your taxes will add late fees to your actual tax and the payable amount will keep on increasing. When you realize that you will be late in tax filing, apply for extension. This will not only give you some extra time but the late penalty will also not get added. It is better to get to work before IRS can pick you out and penalize for late filing.
Being Late To Pay
This will also add the penalty to your actually payable amount. The issue here is that being too late will ultimately cause huge problem. The IRS will find its own way of collecting the tax through property seizure and wage garnishment. A taxpayer can also stop this from happening by choosing tax relief service at the right time. One can even make a monthly plan to pay in small installments to avoid a huge pressure.