Good News if You’re Struggling to Pay Your Income Tax!

April 15! With the April 15th deadline for filing income tax returns right around the corner, it can be a really stressful time—especially if you don’t have the money to pay your taxes.

If that’s your situation, we’ve got encouraging news. The IRS has created what they call the FRESH START INITIATIVE which is designed to help taxpayers who owe taxes, but can’t pay them now. Here are the highlights from this initiative that might really help you:

  • For some unemployed taxpayers, the IRS will wave failure-to-pay penalties
  • The IRS will enter into payment plans for those who can’t pay and owe up to $50,000
  • For some that the IRS believes will not be able to pay, even in installments, they will offer to compromise the amount due

The IRS has developed a series of short videos, titled “Owe Taxes?” that does a good job of explaining the Fresh Start Initiative. To learn more click on the link below:

http://www.irs.gov/uac/Newsroom/IRS-Fresh-Start-Program-Helps-Taxpayers-Who-Owe-the-IRS

 

Remember, anytime you are stressed out or anxious about your taxes,  God’s word provides a solution. Philippians 4:6 tells us what we are to do: “Be anxious for nothing, but in everything by prayer and supplication with thanksgiving let your requests be made to God.” And once we have prayed with thanksgiving telling the Lord our request, we have this amazing promise in the next verse: “And the peace of God, which surpasses all understanding, shall guard your hearts and minds in Christ Jesus.”

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About Compass - finances God's way

Compass—finances God’s way, is a worldwide non-profit interdenominational ministry that teaches people how to handle money based on the principles of the Bible.
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