April 15th is right around the corner - and if you have not already filed your taxes - you may be dreading it.
But, the IRS can be your friend. Stan Turel has been in the tax business for many years and says the i-r-s of the past - with their threat of gigantic penalties is now unfounded. He says they really do want to work with you, but you need to take the first step and contact them with your situation.
“You know I hate to say this: people have this unfound fear of the IRS. In many cases, the fear alone is the biggest enemy, not the IRS. When you owe a ton of money on April 15th, if you just send your tax return in, the IRS will mail you back with ‘Hey you forgot to send your money in.” well, at least you’ll be eliminating the 5%per month penalty. The IRS has reasonable forms and installment payment plans, I mean, they’re more ope than a car dealer. The installment payment plan a lot of times is very reasonable, depending on your budget and income. When you really want to fear, is when you totally ignore the IRS, ‘cuz then they can go after your bank accounts and things like that.”
Turel says many people are confused about earned income credit and deductions that you may not be aware of. There is plenty of help online or with a licensed tax preparer.