Monday April 18 has come and passed, for better or for worse for many residents of Michigan
Did you get your Michigan taxes done on time? If you didn’t there are Michigan based businesses like Lothamer Tax Resolution that provide help for those struggling with their taxes. There are a few tips they provided that can help any MI tax payer:
Check if you need to file
Just because you exist doesn’t mean you need to pay taxes. Depending on your filing status, your age and your personal or household salary you may not owe the IRS or the State of Michigan anything. However if you paid or owed taxes the previous year and not much has changed it’s very likely that you need to file and pay taxes this year.
If You Do, File ASAP
There’s a difference between filing and paying your taxes. If you can’t afford to pay your taxes you may be able to qualify for an extension. Regardless you should not assume that if you can’t afford to pay the Michigan Treasury that you shouldn’t bother filing. It’s best to file your taxes as soon as possible. The longer you wait the more penalties and interest you will accumulate, making matters worse.
Regardless It’s Best To Pay Soon
Taxes owed can quickly pile up as there’s typically a 5% late penalty fee per month for not paying taxes on time. That’s why it’s so important to avoid missing the tax day deadline and if you do to pay taxes owed as soon as possible.
If you are being contacted by the IRS or State of Michigan Treasury and cannot pay on your own, the best course of action may involve professional help. For sizeable loans to the IRS or a state agency, like a loan or penalties over $10,000, tax attorneys and CPAs can help guide the best options you have available. You may not owe as much as you think you do or they may help find a payment program that works with your budget.