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Tax season has rolled around again. For some, this will be nothing but a tedious chore, but for many, it comes with a deeper dread. Those who feel they cannot afford to pay taxes this year in Missouri will find, in this article, crucial answers and guidance to face this tax season and minimize penalties, including:
- The penalties you might face for failing to file or pay your taxes.
- Tax relief, extensions, and other options available to you in Missouri.
- How a tax attorney can help you through this tax season, even when you feel you cannot pay.
What Happens If I Do Not File My Missouri State Taxes On Time, And What Penalties Apply?
Taxes, unfortunately, do not go away just because you forgot to file or pay them. In fact, if you do not pay your taxes, penalties will be added to what you owe. In addition, you are also going to accrue interest for every day that those returns are not filed on time.
Eventually, the state of Missouri will send you a notice saying you haven’t filed your return and inviting you to do so. If you still do not, they will start the process of coming after you so that they can eventually be in a position to levy your income directly.
I Forgot To File My Taxes Last Year And Did Not Get A Letter Yet, Why Should I File?
I have worked with clients who had not filed their returns for 20 years and received only a single letter from Uncle Sam or the state of Missouri, but such stories are the exception, not the rule. In the end, you should always file your tax returns on time, whether or not you receive a letter from the IRS.
This is because it is a crime not to file your tax returns, and at the very least, you will avoid the penalties for late filing.
Attorney Lance Drury is a seasoned tax resolution lawyer based in Ste. Genevive, Missouri, who has helped countless struggling families and businesses just like yours handle back taxes, tax debts and other complex tax situations. He has built a career and a successful law firm by standing up for ordinary folks facing government claims and burdensome taxes they cannot afford to pay. He knows exactly what you need to do when facing taxes you cannot afford to pay.
Struggling with Missouri taxes you cannot pay? Afraid to file because you know you won't be able to? Contact The Law Office Of Lance R. Drury today to schedule an initial consultation.
What Should I Do If I Cannot Afford To Pay My Tax Bill In Missouri?
Even if you know you cannot pay, you still need to file the return. If you do not file, the financial burden on you will only get bigger. One of the most common (and damaging) mistakes we see is families preparing their return, only to realize they cannot afford to pay it, and do not file the return as a result.
Unfortunately, when dealing with the IRS, the “failure to file” penalty alone is 5% a month for five months, which is up to 25% of the raw tax. If you have a $20,000 tax liability and do not file for six months or longer, you’ve just added another $5,000 in failure to file penalties, even before the failure to pay penalties and the interest is factored in.
It is far better to file and then, with the help of a tax attorney, consider options that would allow you to pay over time.
What Happens If I File For A Tax Extension In Missouri But Still Can’t Pay?
You still have to file the return, though you will not incur any failure to file penalties as long as you file by the extension date, which is generally October 15th. You will still accrue interest and late payment penalties, though there are options to help mitigate these expenses.
What Tax Relief Options Are Available For Individuals Who Cannot Afford Their Tax Debts?
At the federal or state level, you can request what is called an offer of compromise to reduce the tax burden. The government usually prefers to take some payment rather than none, especially from those who can prove that they cannot pay.
The difference between the IRS and Missouri offer-in-compromise systems is how they are organized and what you will need to do to obtain this relief. The IRS’s offer-in-compromise process is very formulaic. You plug in the numbers and generally get an estimate of exactly what amounts it is going to take to get that offer accepted.
The Missouri state system is, unfortunately, not set up that way. They will require a great deal of financial information from you and will ask you how much you want to offer in the settlement of your tax liability. Then they will either accept your proposed amount, reject it, or make a counteroffer to you.
Attorney Lance Drury is a seasoned tax resolution lawyer based in Ste. Genevive, Missouri, who has helped countless struggling families and businesses just like yours handle back taxes, tax debts and other complex tax situations. He has built a career and a successful law firm by standing up for ordinary folks facing government claims and burdensome taxes they cannot afford to pay. He knows exactly what you need to do when facing taxes you cannot afford to pay.
Struggling with Missouri taxes you cannot pay? Afraid to file because you know you won't be able to? Contact The Law Office Of Lance R. Drury today to schedule an initial consultation.
How Does A Tax Attorney Help Taxpayers Who Can’t Afford To Pay?
To obtain tax relief, you must prove that you lack the ability to pay and request an offer in compromise. Unfortunately, the financial statement forms that the state of Missouri and the IRS give you for requesting an offer in compromise are exceptionally complicated and confusing. They are so complex that the average individual is not going to fill them out correctly. This is where an experienced attorney can help.
If you genuinely cannot afford to pay, we will help you prove that to the taxing authority in Missouri or the IRS. Once we do, you will have some or even all of that debt ultimately forgiven.
As your tax relief attorney, we can help you figure out what kind of compromise offer or payment schedule is best adapted to your current and potential future situation. The sooner you contact us, the sooner we can help you file and sort out these tax burdens.
Worried About Missouri Or Federal Taxes? We Can Help!
For more information on Missouri tax debt relief, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling 573-883-3056 today.
