Dealing With a Large Tax Bill
After De’Lante A. Rawls, 34, left his job as an insurance agent in 2002 to open his own agency, he was hit with a $7,000 tax bill because he hadn’t withheld taxes on his self-employment earnings. When he couldn’t pay the entire bill immediately, he consulted with a certified public accountant who advised him to file his return on time and arrange an installment plan with the Internal Revenue Service. “They put me on a five-year plan to pay it off,”says Rawls, now founder and managing principal of National Insurance Consulting Group in Washington, D.C. The monthly payments of $150 covered the balance plus interest and late penalties. But Rawls, determined to accelerate the payments, applied every extra cent he could and paid off the balance in 18 months.
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