Discovering that you owe money to the IRS after you file your taxes can be a jarring experience. While getting professional IRS help will simplify the process, there are still a few steps you should take on your own to ensure the best possible outcome. The team at Selph and Friday, CPA, in Texarkana, TX, has been dealing with the IRS on behalf of the area’s residents for almost 30 years. Here, they’ve compiled a few tips to help you handle your debt without the extra stress and anxiety.

Advice to Heed if You Need IRS Help

1. Don’t Ignore the Letter

The IRS always communicates in writing. If there was an error on your taxes or you owe money after you file, they’ll send you a letter outlining what you need to pay. Rather than ignoring the document, read it right away. It’s important to understand what’s going on with your situation and take the time to respond. Failing to do so or putting it off can result in higher fees and penalties.

2. Don’t Be Afraid to Ask Questions

The IRS is just a phone call away. Their representatives are happy to look at your situation, discuss the issues, and help you find the answers to your questions. If you’re not comfortable speaking with them, talk to your CPA or accountant. Not only are they familiar with the rules and regulations, but they’ll also offer advice based on your unique tax situation.  

3. Set Up a Payment Plan

Even if you owe a significant amount of money, you don’t necessarily have to pay it at once. The IRS allows you to set up a payment plan if you owe less than $25,000. However, these setups do accrue interest, so it’s best to pay off as much as you can upfront.

4. Don’t Pay Your Taxes with Your Credit Card

While it may be tempting to take care of the full balance by paying it off with your credit card, don’t. Even low-interest credit cards charge a higher interest rate than most IRS payment plans. Remember, you can always apply for a loan through your bank to cover the cost—it will have a lower interest rate than your best credit card.

5. Change Your Withholding Status

If your employer withholds a portion of your paycheck to cover taxes, consider having them withhold more. While this won’t do anything to remedy your current tax debt, it will help reduce the risk of owing the IRS in the future.

Get the IRS help you need from Selph and Frida, CPA, and let their experienced accounting team assist you in managing your taxes. Their staff will take care of your tax preparation and work with you to reduce the risk of owing money in the future. Visit their website for more information on the services they provide, and call (903) 792-0281 to schedule an appointment today.