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Issues with estimated taxes that could affect July 15 filings

Few Massachusetts residents would argue with the assertion that it has been a tough year so far. With everything that has been going on, many people have struggled financially. This could certainly affect what they do come July 15 when income tax returns and estimated taxes are due, and the IRS is expecting those payments.

If an individual's tax situation ordinarily requires him or her to make estimated tax payments, that person may have taken advantage of the ability to defer the last two payments. However, individuals who deferred may need to make arrangements to send those payments to the IRS on July 15. Of course, with financial situations failing to improve over the last few months, some Massachusetts residents may not be able to send in the money because, if they did so, they could not pay rent or mortgage, let alone buy groceries and gas for their vehicles.

The IRS would be within its rights to begin collection efforts for those payments, and individuals who cannot make their estimated tax payment should anticipate it. When they begin receiving mail from the IRS, it should be taken seriously. The sooner arrangements are made to handle the situation, the better off those taxpayers will be.

The IRS may provide cursory information about resolutions to the issue, but their job is to collect the money any way they can within their policies and procedures. Taxpayers who find themselves in facing issues with estimated taxes and any other tax situation would greatly benefit from gaining an understanding of their rights and options. Arming themselves with the right information could help identify the best way forward.

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