Unfortunately, many taxpayers who try to file their own taxes discover that they owe more money than they had originally thought. Erie & Associates, P.C. of Texarkana, TX, see this problem all the time, and they’re standing by to help individuals solve all their tax problems. 

So what are your next steps if, after you've completed all your paperwork for your tax return, you discover that you owe much more than you anticipated?

• Get A Certified Public Accountant (CPA) To Review Your Work: CPAs are trained in tax preparation and working with the complicated tax code; they will be able to find allowable deductions that you might have missed.
• File On Time: Don't ignore your problem — file by the due date. The IRS is liable to be more lenient if you've followed the instructions for tax preparation and filed on time. In addition, you won't have to pay a penalty for filing late.
• Pay On The Installment Plan: It's possible to pay on a monthly basis if you can't afford to pay the entire amount. File Form 9465 and commit to paying an affordable amount each month. Don't agree to an amount that you're not able to pay, since this will cause problems down the road.
• Check Your Withholding To Avoid Owing As Much In Future Years: You'll need to file a revised W-4 with your employer to make this adjustment. A CPA can also help you calculate the right amount so you won’t owe as much next time.

If you follow these basic tips, your stress level will be reduced, and it's always better to be on good terms with the IRS. When you’re ready to get in touch with experienced tax preparers to talk you through the process, call Erie & Associates, P.C. in Texarkana at (903) 792-6651 or visit their website for more information.