The IRS just released a new unemployed tax relief program if you can’t afford to pay your taxes this spring. The tax relief is part of the Fresh Start program. Here is a summary of the unemployed tax relief program from the IRS:
Who Qualifies for the Tax Relief?
The unemployed tax relief is for the following taxpayers:
Wage earners who were unemployed at least 30 consecutive days during 2011 or in 2012 up to the April 17 tax deadline.
Self-employed individuals who experienced a 25 percent or greater reduction in business income in 2011 due to the economy.
What is the Tax Relief?
The tax relief is a 6 month grace period on failure-to-pay penalties for tax year 2011. You will not have to pay the failure to pay penalty if the tax, interest and any other penalties are paid in full by Oct. 15, 2012. While the penalty is waived, you will still need to pay your taxes and interest. To qualify your 2011 balance due on your taxes cannot exceed $50,000.
The tax relief is for taxpayers who are under the following income limits based on filing status:
You can get my latest articles full of valuable tips and other information delivered directly to your email for free simply by entering your email address below. Your address will never be sold or used for spam and you can unsubscribe at any time.
Advertiser Disclosure: MyDollarPlan.com is an independent, advertising-supported service. The offers that appear on this site are from companies which MyDollarPlan.com receives compensation. This compensation may impact how and where products appear on this site, including, for example. the order in which they may appear within listing categories. Other factors, such as our own proprietary website rules and the likelihood of applicants' credit approval also impact how and where products appear on this site. MyDollarPlan.com does not include the entire universe of available financial or credit offers.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.