By Roger Chartier

United States of America IRS Tax Information

Tax Trouble - Pay In Full?

Pay the IRS in full now?

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Paying your taxes in full now will be the cheapest way out.

You have to file a return to be entitled to deductions, personal exemptions, and credits to lower your tax.

If you're entitled to get the earned Income Tax Credit, you still have to file a return even if you otherwise didn't have to file. You have to file within 3 years of the date it was due.

If you don't file, it can cost you big time. You can rack up penalty and interest charges that can increase your tax bill by 25% and more.

You could be due a refund, but you have to file for it within 3 years of the original due date, or two years from the time you actually paid the tax.

If you are self employed and don't file

You can lose social security benefits. The Social Security folks use the tax return info to determine where you stand for benefits.

If you want to apply for any kind of federal aid for education, you have to have your tax returns from the previous years. The same thing goes for banks etc. They want to see the proof of your income top lend you money for a mortgage or a business loan etc.

You will pay more if you pay by installment.

Taxpayers unable to pay all taxes due on the bill are encouraged to pay as much as possible. By paying as much as possible now, the amount of interest and penalties owed will be lessened.

If you can't pay the whole tax bill at first, then pay as much as you can because that way you will have less balance to accrue interest and penalties.

Also, considering your situation and circumstances, you might be able to be qualified for an Installment Agreement, extension of time to pay, a temporary delay, or an Offer in Compromise.

Why We Exist

Roger Chartier
We want you to be more informed.

A lot of people break out in a nervous sweat and get the shakes when it comes time to file their taxes.

The first time that I tried to file by myself left me with a feeling of confusion because I did not bother to read any information about how to go about it in a fair way, a way that didn't leave me broke and living in a cardboard box in the alley.

I just had at it without reading anything and it was overwhelming. I assure you that after all these years I won't get into a difficult situation like that without any proper info and good forms to file.

Some folks just file as fast as they can to get it over with. They loose out on a bunch of legitimate deductions and allocations that could have saved them a ton of money at tax time.

 I would rather be getting a nice tax refund than pay the IRS a lot of money. Pay attention to the details.

This gal just found out that she is getting a few thousand dollars back in taxes.
Can you see how happy she is?