Landmark Tax Group

Tips If You Can’t Pay Your Taxes on Time

If you find you owe more than you can pay with your tax return, don’t panic. The key is to file on time. This way you won’t have a penalty for filing late. Here are a few options if you can’t pay all your taxes by the April 15 due date.

1. File on time and pay as much as you can. File on time to avoid a late filing penalty. Pay as much as you can to reduce interest charges and a late payment penalty. You can pay online, by phone, or by check or money order. See here for all payment options.

2. Get a loan or use a credit card to pay your tax. The interest and fees charged by a bank or credit card company may be less than IRS interest and penalties.

3. Request an  installment agreement. You don’t need to wait for the IRS to send you a bill before you ask for a payment plan. You can use Form 9465 Installment Agreement Request to pay your back taxes in monthly installments. If your IRS payment plan is for an extended period of time, the agency may need to file a federal tax lien to protect the government’s interest.

4. Don’t ignore a tax bill. If you get a bill, don’t ignore it. The IRS may take collection action if you ignore the bill. Use our tips on how to respond to an IRS notice or bill. If you are suffering a financial hardship, the IRS may close your case as currently-not-collectible.

In short, remember to file on time. Pay as much as you can by the tax deadline and pay the rest as soon as you can. Find out more about the IRS collection process and how to stay off the IRS radar here.

See: Filing Your Tax Return – What You Need to Know

See: 6 Ways to Reduce Your Chance of an IRS Audit

“I could not have been more pleased with the results I achieved as a result of Landmark Tax Group’s efforts.” – Pat N.
(More Client Testimonials)

For immediate assistance with paying your taxes, or another tax matter, contact us today at 1-714-382-6780 for a FREE and CONFIDENTIAL consultation with our CPAs and former IRS Agents.   

We look forward to serving you.

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