Success is Contagious—So is Mediocrity |
You’ve probably felt it before: |
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One group fuels your growth. The other keeps you running in circles. |
Most people wait too long to recognize the difference. The successful? They make the shift early. |
Success is Contagious—So is Mediocrity |
You’ve probably felt it before: |
|
One group fuels your growth. The other keeps you running in circles. |
Most people wait too long to recognize the difference. The successful? They make the shift early. |
Filing your tax return on time is important, even if you can’t immediately pay what you owe. It keeps you from racking up unnecessary penalties and interest, which can add up if you miss the deadline.
2. Pay as much of your tax bill as you can
If you are able to, pay as much as you can before April 15. Paying as much as you can when you owe taxes helps reduce the overall amount of interest and penalties that the IRS may charge on your overall balance. The longer your tax debt remains unpaid, the more it accumulates due to these additional costs. While the IRS does not have a specific minimum for tax payments, pay as much as you can afford.
3. Apply for an IRS payment plan
To apply for an online payment plan or request an installment agreement with the IRS, use the IRS’s Online Payment Agreement tool. If you find that you’re ineligible for an online plan, you can still apply by mail or phone. If you’ve previously registered for an IRS online account, you can log in with that. If not, you’ll need to create an account, which requires a valid email address, photo identification, and your Social Security number.
Once logged in, fill out the required information to submit your application for a payment plan. Both online payment plans and installment agreements are available through the same tool, but there are some differences. Online payment plans are typically intended for smaller amounts owed and those who can pay off their tax liability within 120 days. Meanwhile, installment agreements are for those who owe larger balances and need a longer time frame to pay.
To get either of these options set up, applying online usually results in quicker approval, with most receiving confirmation almost immediately. If you apply by mail or phone, expect a response that could take several weeks.
4. Request an offer in compromise from the IRS
You can request an offer in compromise (OIC) from the IRS, which allows you to settle your tax debt for less than the total amount owed. To apply, you must complete and submit Form 656, along with the required payment and supporting documents to demonstrate your financial situation. The IRS evaluates your income, expenses, payment capability, and other considerations. However, getting approval for an OIC is quite difficult; in fact, recent IRS statistics show that only approximately one-third of applications submitted in 2022 were approved.
5. Ask the IRS to temporarily delay collections
In some cases, you can directly request a delay from the IRS by explaining your tax situation and providing documentation of your financial difficulty. While this option isn’t guaranteed, the IRS may consider your request on a case-by-case basis.
6. No time for tax credit guesswork?
Let The Tax Management System lend a hand.
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There’s something high-level entrepreneurs understand that most people ignore. |
It’s not about working harder. It’s not about being the smartest person in the room. |
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Because whether you realize it or not, the people around you are shaping your future. Your circle is either accelerating your success or quietly holding you back. |
Most people don’t see it until it’s too late. |
But the ones who figure it out? They move faster, think bigger, and win more. |
You see the big wins, the big paydays, the “overnight” success stories. |
What you don’t see?
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This is where most people fall off. But the few who push through? They unlock something most will never experience. |
With our TMS, you can easily track, manage, and maximize the specialized tax credits your business qualifies for.
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No one talks about what happens in between—the silent, frustrating phase where it feels like nothing is working. |
The moment where you start wondering… Is this even worth it? |
Most people quit right there. The ones who win? They do something different. |