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Finding Real Life Solutions To Your Tax Problem

What are my options if I cannot pay my taxes when they are due?

| Apr 7, 2015 | Uncategorized |

If you thought the “Ides of March” was a time to be worried about your finances, keep in mind that the federal income tax filing deadline is April 15th; essentially the “Ides of April.” The tax filing deadline can bring out the worst fears in people; especially those who have a good idea that they will owe the federal government, but will be unable to pay their tax bill in one payment. Perhaps they are struggling to pay rent, or have had a difficult year as a self-employed person and are just getting back on their feet.

Regardless of the reasons behind your inability to pay, the IRS is more likely to work with you if you are proactive. As such, there are several options that may fit your budget. This post will highlight a few.

Make installment payments – It may seem obvious, but you would be surprised to know how many people don’t know that they have an option to pay their tax bill in installments.  After all, the government wants to get the will get the full amount due, and if reliable, consistent payments will help, they will accept it.

Ask for more time – Also, you could always ask for more time to pay, especially if you will be paying in full. Depending on your circumstances and the amount due, the IRS may grant an extra 60 to 120 days to pay what you owe.

Offer in Compromise – The IRS may consider an Offer in Compromise; which means that you and the government agree (and will accept) that you will pay less than the actual tax it believes that you owe.

If you have questions about making tax payments, an experienced attorney can help.

 

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