Don’t Forget About State Penalty Abatement: You Could Save Big!

Many taxpayers are aware of the IRS’s ability to abate penalties, but did you know that you can also have penalties waived at the state level? That’s right! Each state has its own separate programs that can help you reduce or eliminate tax penalties, which can lead to significant savings.

Understanding State Penalty Abatement:
While the IRS has various options for penalty relief, states have their own rules and programs. For example, in North Carolina, if you set up a payment plan or fully pay your taxes, you can typically qualify for one year’s worth of penalties to be abated just by asking! It’s a straightforward process that can save you hundreds or even thousands of dollars.

Why You Should Take Action:
If you have multiple periods with penalties, you can choose which year to focus on, potentially selecting the one with the highest penalties for abatement. This is an important opportunity that many taxpayers overlook, leaving money on the table.

Steps to Take:
1) Contact Your State Tax Office: Reach out to inquire about the penalty abatement programs available in your state.

2) Set Up a Payment Plan: If applicable, establish a payment plan or settle your tax debt to qualify for penalty relief.

3) Ask for Abatement: Don’t hesitate to ask! Many taxpayers don’t realize that simply asking can lead to significant savings.

Don’t Miss Out!

Ignoring state tax penalties could cost you dearly. Just as you wouldn’t ignore an IRS notice, it’s essential to pay attention to state penalties as well. If you have questions or need assistance navigating this process, don’t hesitate to reach out for help.

Call Hayes Tax Relief at 704-298-1040 today! Let’s explore your options and help you save on your tax penalties.