When you earn an income a certain percentage must be paid to the government for taxes and is usually done automatically if you are employed by a company that deducts the amount each month from your salary, or if you are self-employed then you need to keep a record of your earnings and expenditures and file your taxes during the tax period.
Unfortunately, as we know, life can get busy real quick, and if we forget to keep a receipt or two here and there it suddenly spirals out of control, you forget to file your taxes, and the next thing you know you find yourself owing back taxes.
This situation, thankfully, is easily solvable, and simply by reaching out to your nearest IRS tax office, you can implement a payment plan to get you back on track. Let’s delve deeper into what that means, and how you can settle any outstanding balances that could be causing you stress.
Finding help near you
IRS tax offices are located all around the US, you just need to find out where your local irs office is and begin implementing a payment plan for clearing your outstanding tax balance, because the last thing we need is to have the weight of tax stress on our shoulders when it is so easily solved.
So, how can your local IRS office help? Well, when you sit down and chat with your IRS officer you will discuss the situation, and based on your current employment status, work out a plan that allows you to continue to live a regular, sustainable lifestyle, whilst making payment installments to clear the debt.
This agreement works with you and between you and the IRS to pay the sum back within a comfortable timeframe. Do take note that if you can pay the amount back within a shorter time (short-term payment plan), you will save on costs and not be liable for a user fee. So, you have a lot of positive options to consider.
Why taxes need to be paid
Many people ask the question as to why they need to pay taxes, and the answer is very simple. If you commute to work using public transport or even just the roads and highways, use the health care system if not on a private health plan, or have children who you send to school during the day, these things need to be funded. As this is where taxes comes into play.
Everyone uses government amenities in some form or the other, and paying for those facilities to be updated, maintained, and cared for costs money. If everyone does their part and pays their way, no one person needs to be dishing out extortionate amounts to ensure these services stay up and running. Small things all work towards the greater good, and life is simple for all citizens. The IRS is here to help maintain balance within the employment sector and financial systems, and paying your taxes has always been considered a rightful civic duty.
Are there any benefits?
Not owing the government back taxes is a benefit in itself, but there is more to it. When you keep up with your tax payments and file your tax returns on time you can not only have peace of mind but can enjoy many more positives.
Some of the plus side effects, and the biggest reason to stay on top of it, is to avoid penalties from late payments and added interest earned. Also, when you do keep up with regular payments, often when recalculations are done based on personal situations or employment status, you may get a refund back. If you have experienced this then you will know this is a much-welcomed influx of added income, but, if you are late or have not filed your tax correctly this step is essentially missed out on as any refunds owed will first be used to pay back any outstanding taxes and fees.
The last thing and one of the main objectives of paying tax is to ideally get a loan in the future. It may be for a higher credit card allowance, to take out a personal loan, or even to apply for a mortgage. If, however, you have not paid your owed tax and the IRS office files a tax lien, this could significantly affect your credit score and rating now and in the future and make applications that much more difficult when the time comes.
Taking Action
In a few simple steps you can make life so much simpler, more efficient with regular payments if you are on a payment plan, and certainly more efficient when it comes to doing the right thing. Let your local IRS office help you get back on track and stay there comfortably so everyone reaps the benefits.
