Accountant in Celebration, FL Helps Deal with a Huge Tax Bill

How much amount in taxes do you have to pay this year? Is it more than what you expected and subjecting you to a financial strain? Had you hired an accountant celebration, FL you might have been able to prevent this. Any way what is done is done, and you cannot undo it right now. We have some suggestions for you that can help you in dealing with this huge tax bill.

Monthly Installments

In some cases, the IRS does allow you to pay your tax bill in advance, provided you notify them will in time. Get in touch with their representatives and they will review your case. If your request is accepted, you can pay your bill in installments. And the best part is that you have to pay no interest on it, but only if you talk to IRS before the 15^th of April. Your accountant in Celebration, FL should inform you this.

Credit Card

What is the maximum limit on your credit card? If this is higher than your tax bill, you can use your card. Just make sure the interest rate on it is not too high. If this is so, go for another option because when you factor in the interest, the amount will be much higher than your actual taxes.

If you are using your card to pay your taxes, please note that you will also have to pay a fee of around 2% to 3% depending on your provider. We suggest that you should choose a card that has a really low APR and also offers promotional interest fee previous. This way you will be able to manage your debt in a better way.

Bank Loan

There are some banks and credit agencies that offer small loans to help you pay off your debt. Generally, an accountant in Celebration, FL, will tell you that applying for these loans is better than a single credit card since the interest rates are relatively low. But with loans, there is another problem. You must have a good credit score or you will have a hard time in getting approval.

Savings Account

Owing money to the IRS can be regarded as an emergency. If you fail to pay taxes, the IRS does have permission to sell your house or take your refund amount. This does not happen until some time, but there is always a chance that it can happen. Point is taxes are an emergency and you can use your savings for it. Pay off your taxes with it right now, and in the time to come, you will be able to accumulate them again.

Retirement Account

Got a retirement account? You can withdraw money from it but you might have to pay an early withdrawal penalty on it. So while this is indeed an option, it is not a great one.

The above options should probably help you out this time. For the next time, make sure you appoint an accountant celebration, FL, and you will defiantly be paying a much lower tax bill.

If you need more information about our Celebration, FL accounting and tax services, please contact us at 407-502-2400. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin number, incorporations, and non profit 501c3 tax exempt.