Business

Do I have an option on this late date?

It’s October. My favorite time of the year. The holidays will come early and will be here before you know it. Cool weather should come here soon. Moreover, October was the month I first met my wife, and it’s a long time ago (but she still looks as beautiful as the day I met her).

October is also the last month of the official tax filing season. The personal extension expired on October 15th. Of course, many people who have completed their tax returns at this time of the year are borrowing money. Yes, that’s bad for them. It’s even worse when they don’t have the money to pay that tax.

more:Money Issues: Withdraw Tax Cash From Your Real Estate

This can happen for many reasons. Here are some examples of how people can get into this pickle.

• They changed employers and the new Form W-4 did not have sufficient federal withholding.

About that tax bill you haven't paid: The IRS

They could have changed their employers, and now they work as independent contractors for someone who pays them at 1099-NEC (this is completely different as to whether this is appropriate). It’s a problem). Therefore, there is usually no federal withholding paid to the IRS.

· Your business may have been good before, but now it’s not time to pay taxes.

Do I have an option on this late date?

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