Pay the Balance Due as Quickly as Possible
While this first step may be common sense, it is also the simplest option. If taxes are unpaid, the IRS will begin sending notices of the balance due to the taxpayer. If the taxpayer deals with the unpaid taxes before the fourth or fifth notice, then it is likely that they will never see a levy. The IRS is required to give at least a notice of an unpaid balance, a notice of intent to levy and a notice of the right to a hearing. The first notice will come within a few weeks of the April deadline, but the other notices are usually spread several months apart, giving the average person plenty of opportunity to simply pay the balance. The only upset will be the penalty percentage that is added on to the balance every month it remains unpaid.
Request an Extension
If you know that you won’t be able to pay by the deadline, then it is better to request an extension. This shows the IRS that you... ...read full post