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If you owe the IRS money, set aside 20-30% of monthly profit into a tax-savings account, pay what you can now and set up an installment plan for the rest, then call the IRS to ask for leniency, which can pause collection actions.
If you owe the IRS money, set aside 20-30% of monthly profit into a tax-savings account, pay what you can now and set up an installment plan for the rest, then call the IRS to ask for leniency, which can pause collection actions.
Okay, you filed your taxes and now your tax bill is huge, way bigger than you planned. Let's talk about how to fix it. First, you're gonna put away 20 to 30% of your profit each month into a savings account specifically for your tax bill at the end of the year. Number 2, you're gonna pay what you can now and then you're gonna enroll in an IRS payment plan to cover the rest of the cost. Number 3, you're just gonna simply ask. Ask them for some leniency. Ask them for some help. It'll put everything on hold and give you some breathing room. Follow for more strategies and tax tips like these.
