(ThyBlackMan.com) Are tax deadlines making you anxious or is the thought of having a big IRS tax bill leading you to procrastinate in filing your taxes? For many people, tax season is filled with worry and anxiety.
If you’re still waiting on your W-2s or just haven’t found the time to put together your tax return, you may have a few questions about whether you’ll owe — or whether you’ll get a tax refund check. Getting stressed out about taxes can make it hard to get anything done, so it’s important to 
educate yourself on some basic facts and get answers to your tax worries and questions.
Here are just five of the most common tax worries, solved:
Worry #1: What if I can’t file my taxes on time?
If you can’t meet the standard filing deadline, remember that you can always request a tax filing extension. You will need to fill out Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return and can get an automatic six-month extension of time to file when the application is accepted.
Worry #2: What if I owe more than I can afford to pay?
If you can’t write a check to pay for the taxes you owe when you file your taxes, you have three options. You can either request additional time to pay, set up an installment agreement, or pay your taxes with a credit card. If you want to request additional time to pay, you can make a request online through the Online Payment Agreement process or by calling the IRS at 1-800-829-1040. In most cases, you will end up paying less in interest and penalties with a 30 to 120-day extension.
You can also set up an installment agreement online. The IRS accepts American Express, MasterCard, Visa or Discover credit cards. More information about alternative ways to make your tax payment can be found here.
Worry #3: What happens if I get audited?
Getting audited is not the end of the world. Nor should it fill you with mortal dread — as long as you’ve played by the rules and aren’t fudging any income or expense figures. If you are selected for an audit, the IRS will simply send you a notification letter stating that they wish to conduct an audit. If you receive this letter, it’s generally a good idea to get in touch with an accounting or tax professional. Your accountant will review your financial records and check for errors on your tax return. The IRS will then make a ruling based on any new information they receive. You may not even have to appear before the IRS at all. In fact, most CPAs recommend that you don’t. Better to let a professional handle that.
Worry #4: What if I can’t find all my receipts or paperwork?
If you plan on taking some deductions for certain items such as travel expenses or meals, you can use the “per diem” rate to calculate your total costs. Make sure you are reporting information as accurately as possible, and see if you can obtain electronic receipts or statements whenever possible. If you can’t “prove” certain expenses with receipts, other things can help, such as a travel log that documents your meetings or photographs of items you donated to charity.
Worry #5: What if the IRS slaps me with a tax lien?
The good news on this front is that the IRS is getting a bit more lenient with tax liens. However, if you don’t pay your tax bill in full by the due date, the IRS can issue a tax lien,. They will start the collections process until you pay the entire amount due. The federal tax lien is a legal claim to your property, including any property you acquire after the lien arises. The government might also file a Notice of Federal Tax Lien that goes on public record. If you need to discuss anything about your IRS bill with the IRS, call 1-800-829-1040 to discuss your options. It’s also a good idea to learn about your rights as a taxpayer by reading the information here.
No matter what the case, don’t succumb to unnecessary stress and worries over taxes. Most problems really can be resolved if you reach out for information and seek help.
Written By Lynnette Khalfani-Cox
Official website; http://askthemoneycoach.com/
