I owe, but I can't pay. What now?
Вставка
- Опубліковано 30 лип 2024
- Millions of Americans have balances due on their tax return, and many of them can't afford to pay right away. This video tells you what you should and shouldn't do when you're in this situation, and it outlines the ways the IRS has to allow you to pay over time.
UPDATE: As of January 1, 2024, the IRS interest rate on balances due will be 8%, compounded daily.
Resources and Information:
IRS Form 9465 "Installment Agreement Request": www.irs.gov/pub/irs-pdf/f9465...
Instructions for IRS Form 9465: www.irs.gov/pub/ire-pdf/i9465...
IRS Form 433-F "Collection Information Statement": www.irs.gov/pub/irs-pdf/f433f...
thebalance.com "Your Guide to IRS Payment Plans": www.thebalance.com/how-to-set...
Nerdwallet: "IRS Payment Plan or Installment Agreement: Tax Payment Options and How They Work": www.nerdwallet.com/article/ta...
The Tax Geek on The Site Formerly Known as Twitter: @taxgeekusa
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image Credits:
Pexels.com
Wikimedia Commons
sandervanwell (CC-SA 2.0)
Intro Music: "Bluesy Vibes" - Doug Maxwell - UA-cam Audio Library
Outro Music: "Modern Attempt" - Track Tribe via UA-cam Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The information in this video is current as of date of publication, and is subject to changes.
UPDATE: As of January 1, 2024, the IRS interest rate on balances due will be 8%, compounded daily.
Awesome video. Hope your tax season went well! 😉👍🏾
Thanks! With all the "balance due" returns I've been doing lately, this topic seemed to be pretty timely. It has been a great tax season for me, both with my client base and the community I seem to be building for this channel. Now I'm looking forward for a bit of a breather before it all starts over again.
@@TheTaxGeek Aren't we all. Enjoy it!
Good day sir happy Easter...I have a request for a topic video on " real estate professional status"
That's a really good suggestion. "Real Estate Professionals" handle income and losses on rental property quite differently from other people. Look for it soon!
Notification stays on lol thank you