Wednesday, April 16, 2008

Didn’t Pay Your Taxes? Know Your Options

The April 15th tax deadline has come and gone and there are some taxpayers out there that may have missed filing and extension. Interest and penalties add up for taxpayers that do not pay as much as they can along with filing their extension. For those that did not pay tax with their extension, the interest currently at the rate of 6 percent per year and late payment penalties, normally 0.5 percent (1/2 of 1 percent) per month, apply to any tax paid after the April 15 deadline.

What are the Options Now?

Many options for taxpayers are available including:

EFTPS – payments can be made via internet or phone
Credit or Debit card payments – 1-800-2PAY-TAX, or 1-888-PAY-1040
Online payment agreement – will provide a taxpayer with a short term extension or payment plan
Form 9465 – Installment agreement request

Of course the best approach is to file your tax return on time and make payments sooner.

Keeping Your Business N Synergy

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