WWW.QNS.COM RIDGEWOOD TIMES MARCH 14, 2019 15
TAX GUIDE
Owe the IRS money? Here’s how you can pay up
Most taxpayers will be
affected by major tax
law changes, and while
many will get a refund, others
may owe tax.
Many of those owing tax may
qualify for a waiver of the estimated
tax penalty that often applies. See
Form 2210, Underpayment of
Estimated Tax by Individuals, Estates
and Trusts, and its instructions
for details.
The IRS urges people with a filing
requirement and a balance due to
file by the April 15 due date even if
they cannot pay in full. Taxpayers in
this situation should pay what they
can and then consider a payment
plan for the rest.
Taxpayers who are unable to
full pay what they owe 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 filed 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 set
up one of these plans 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 payroll deduction will help
taxpayers avoid default on their
agreements. It also reduces the
burden of mailing payments and
saves postage costs. 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 financial
condition improves.
Offer in Compromise — Some
struggling taxpayers qualify to
settle their tax bill for less than
the amount they owe by submitting
an offer in compromise. To help
determine eligibility, use the Offer
in Compromise Pre-Qualifier 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.
Taxpayers can find answers to
questions, forms and instructions
and easy-to-use tools online at IRS.
gov. They can use these resources
to get help when it’s needed from the
convenience of home or office.
From the Internal Revenue Service
Call Now & End Your Tax Nightmare!
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Co-Author of the
best selling book
“Breaking the Tax Code”
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Salvatore P. Candela, EA, ATA, ABA
Enrolled Agent - Tax Advisor
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JoeZel Associates Inc
“Income Tax Professionals”
Specializing in
Individual and
Small Business
Income Tax
Preparation
One wrong decision can cost you $$$,
you need a professional,
not a “part time” tax preparer.
Reasonable Rates
FREE ELECTRONIC FILING
For Fast Refunds
“when we prepare your return”
Call for your appointment today!
Ask for Joe Zelaskowski, CPA
516-526-2089
62-70 Fresh Pond Rd., Ridgewood NY 11385
joezel15@gmail.com
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