IRS Extension Requests: Remove IRS Penalties and IRS Levies with an IRS Extension
File An IRS Extension to prevent IRS Penalties and IRS Levies from happening. IRS Penalties add up and make your Tax debt skyrocket. IRS Tax Levies seize the funds from your paycheck and IRS Levies can even seize funds from your bank account. Don't let the IRS seize your funds, use an IRS Extension and avoid IRS Penalties, IRS Levies, and other big IRS issues.
Prevent IRS Penalties & IRS Levies Preventing IRS Tax Debt is a lot easier than curing it. Being armed with insider knowledge can help you pay your debt on your own terms, not on the IRS' terms. If you can't pay your taxes come tax filing time, file for an IRS Extension to file your taxes. This could help prevent high penalties and interest and even IRS Levies in the future. If you neglect to pay and choose not to file an IRS Extension, high IRS Penalties will accrue on your debt monthly, and you won't be safe from IRS Levies, and worse! IRS Penalties and IRS Interest are hard to avoid, prevent them before they happen with an IRS Extension.
IRS Extension, Prevent IRS Penalties & IRS Levies: One of the IRS' best kept secrets is the fact that the law provides for an extension of time to pay taxes. The IRS may deny this, but the agency even has a form for it (Form 1127 "Application for Extension of Time for Payment of Tax"). It's hard to win the extension, since most people do not know what evidence they need to provide to be entitled to it, but it can be won.
Prevent IRS Penalties and IRS Levies: Get an IRS Extension
In order to prevent IRS Penalties and IRS Levies when filing time rolls around, you should get an IRS Extension. But in order to apply for an IRS Extension to file your taxes, you qualify for the IRS Extension. Here's a few IRS Extension qualifying factors you must consider before you apply for an IRS Extension to prevent IRS Penalties and IRS Levies from being enacted on you.
1) You must prove to the IRS that although you did save money to pay for your taxes, and circumstances occurred that were beyond your control and now you can't pay. Prove you made an effort.
2) You must prove that paying on time will cause an economic hardship for you. You have to show the IRS that basic living expenses could not be paid for if you pay your taxes on time.
3) You must agree to give the IRS security for the unpaid tax. This means the IRS will place a Lien on you. It may sound like a bad idea- but if you were to just pay your bill late instead of requesting an extension- the IRS would likely place a Lien on you anyway. If you have no assets, this will not apply to you.
IRS Extension Requested Granted, Prevent IRS Penalties: If you're lucky and an IRS Extension is granted you may receive up to 6 months to pay your taxes- without IRS Penalties or IRS Levies. Interest still accrues during the extension period, but by avoiding IRS penalties you can cut the debt in half. You'll also reduce the chance of IRS Levies being issued against you.
Request Denied, Still good news!: So your IRS Extension was Denied? There's still good news! Just by Requesting the IRS Extension you've proven to the IRS you're acting in Good Faith. This will help you seek Abatement of the Penalties later down the line. And help with IRS Penalties and IRS Levies in the future. Basically, in the eyes of the IRS you "did good" by putting the IRS on notice of your problem and took steps to solve it instead of ignoring your debt.
IRS Extension for IRS Penalties & IRS Levies: So now you know that even if you are accepted or rejected, it's a good idea to Request an IRS Extension for paying your tax debt. Being one step ahead of the problem is the fastest and smartest way to conquer it and avoid IRS Penalties as well as IRS Levies.
