Owing the government, whether it be the Federal or State is no fun.
So here are a few things to keep in mind to keep things as simple as possible.
Make it a priority to file as soon as possible – especially if you know you will owe. This will give you more time to make payments.
Don’t wait until the last minute, in case you cant file right away, and miss the April 18th deadline. If you know you wont be able to file by then, for any reason, ensure that you file an extension to avoid Penalties!
Any monies owed need to be payed by April 18, 2022 in order to avoid any penalties.
Both the IRS and Franchise Tax Board offer payment plans to help facilitate your repayment.
Don’t hesitate to ask advice from your Tax Preparer on how to mitigate what you owe for the following year.