40 THE QUEENS COURIER • QUEENS BUSINESS • MARСH 12, 2020 FOR BREAKING NEWS VISIT WWW.QNS.COM
tax guide
Need to pay your tax bill?
There are many easy options
As the 2020 tax fi ling season gets into
full swing, the Internal Revenue Service
reminds taxpayers who owe of the many
easy payment options.
Th e IRS anticipates that most taxpayers
will be aff ected by major tax law changes.
While most will get a tax refund, others
may fi nd that they owe taxes, many
of whom may qualify for a waiver of
the estimated tax penalty that normally
applies. See Form 2210, Underpayment
of Estimated Tax by Individuals, Estates
and Trusts, and its instructions for details.
“Th e IRS understands there were many
changes that aff ected people last year, and
the new penalty waiver will help taxpayers
who inadvertently had too little tax
withheld,” said IRS Commissioner Chuck
Rettig. “We encourage people to check
their withholding again this year to make
sure they have the right amount of tax
withheld for 2019.”
Th e IRS urges people with a fi ling
requirement and a balance due to fi le by
the April 15 deadline even if they cannot
pay in full. Taxpayers in this situation
should pay what they can and consider a
payment plan for the remaining balance.
Taxpayers who owe taxes can choose
among the following payment options:
• IRS Direct Pay allows payment
directly from a checking or savings
account. Th is service is free.
• Electronic Federal Tax Payment
System, or EFTPS. Pay by phone or
online. Th is service is free.
• Debit or credit card payment. Th is
service is free, but the processing company
may charge a fee. Fees vary by
company.
• Check or money order made payable
to the United States Treasury (or U.S.
Treasury) either in person or through
the mail.
• Cash payments at some IRS offi ces
or at a participating PayNearMe location.
Some restrictions apply. Taxpayers
should not send cash through the mail.
Taxpayers who are unable to pay their
taxes in full should act quickly. Several
payment options are available including:
• Online Payment Agreement —
Individuals who owe $50,000 or less
in combined income tax, penalties and
interest and businesses that owe $25,000
or less in payroll tax and have fi led all
tax returns may qualify for an Online
Payment Agreement. Most taxpayers
qualify for this option, and an agreement
can usually be set up in a matter of
minutes. Online applications to establish
tax payment plans, like online payment
agreements and installment agreements,
are available Monday – Friday, 6
a.m. to 12:30 a.m.; Saturday, 6 a.m. to
10 p.m.; Sunday, 6 p.m. to midnight. All
times are Eastern time.
• Installment Agreement —
Installment agreements paid by direct
deposit from a bank account or a payroll
deduction will help taxpayers avoid
default on their agreements. It also
reduces the burden of mailing payments
and saves postage costs. Even taxpayers
who don’t qualify for a payment
agreement may still pay by installment.
Certain fees apply.
• Delaying Collection — If the IRS
determines a taxpayer is unable to pay,
it may delay collection until the taxpayer’s
fi nancial condition improves.
• Off er in Compromise — Certain taxpayers
qualify to settle their tax bill for
less than the amount they owe by submitting
an off er in compromise. To help
determine eligibility, use the Off er in
Compromise Pre-Qualifi er tool.
In addition, taxpayers can consider
other options for payment, including
getting a loan to pay the amount due.
In many cases, loan costs may be lower
than the combination of interest and
penalties the IRS must charge under federal
law.
Check tax withholding
Th e IRS urges all taxpayers to check
their withholding for 2019, especially
those who made withholding adjustments
in 2018 or had a major life change.
Th ose most at risk of having too little
tax withheld from their pay include
taxpayers who itemized in the past but
now take the increased standard deduction
as well as two-wage-earner households,
employees with non-wage sources
of income, and those with complex
tax situations.
To help taxpayers allocate the appropriate
withholding to their paychecks
throughout the year in 2019, an updated
version of the agency’s online
Withholding Calculator is now available
on IRS.gov. It’s never too early to check
your withholding. While it’s a good idea
any year, starting early in 2019 is particularly
important as most tax fi lers adjust
to the revised tax rates, deductions and
credits.
Online tools
Th e IRS urges taxpayers to take advantage
of the many tools and other resources
available on IRS.gov. Taxpayers have a
variety of options to get help fi ling and
preparing their tax returns on IRS.gov,
the offi cial IRS website. Taxpayers can
also fi nd answers to their tax questions
and resolve tax issues online. Th e
Let Us Help You page answers most tax
questions, and Publication 5136, IRS
Services Guide, links to these and other
IRS services.
Taxpayers can go to IRS.gov/account
to securely access information about
their federal tax account. Th ey can view
the amount they owe, pay online or set
up an online payment agreement; access
their tax records online; review the past
18 months of payment history; and view
key tax return information for the current
year as fi led. Visit IRS.gov/secureaccess
to review the required identity
authentication process.
— From the Internal Revenue
Service
Louis Carino Year
Round
Service
TAX ACCOUNTANT- FINANCIAL PLANNER
• Preparation of all business
& personal returns
• Bookkeeping & payroll
services available
• E-file provider
Tel. (718) 767-6597
Fax. (718) 747-6149
Cell (917) 373-5975
LJC@loucarino.com
166-26 Powells Cove Blvd. • Ste 4D • Beechhurst, NY 11357
347-438-1844
161-12 Sanford Avenue
Flushing, NY 11358
• Income Tax
Preparation
• Individuals
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& Corporations
"Over 20 Years Of Personalized Service"
Call Now & End Your Tax Nightmare!
• Owe the IRS more
than $10,000?
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Co-Author of the
best selling book
“Breaking the Tax Code”
(T) 877-TAX-1040
(F) 718-894-4476
Salvatore P. Candela, EA, ATA, ABA
Enrolled Agent - Tax Advisor
scandela@thetaxadvocategroup.com
www.thetaxadvocategroup.com
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