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When you file your taxes, you may even receive a refund based on your situation.
However, you may be surprised when you find out that you earned money that still requires proper taxation.
How To Handle Unexpected Taxes
How can you handle unexpected taxes when it comes time to file?
The reality is that you dont know what you dont know.
The processes and procedures are lengthy and complicated.
If you want the best possible outcome, you may want tooutsource this aspect of your financial life.
If youre not expecting to pay taxes, chances are that you may not have the funds.
You dont want to be stuck with additional penalties to make your financial situation worse.
For example, say you earned some money from selling your ethereum or your dog walking side hustle.
Since you werent planning on paying taxes, you dont have the money to cover your taxes.
In this case, you’re able to request a payment plan to help ease the financial pressure.
You may be subject to penalties and fees.
Youre protected from IRS collections and not required to pay the IRS anything.
It may be temporary, though.
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