Last year we wrote a post highlighting what we like to call the “Ides of April” Since the federal tax filing deadline falls on April 15th. Indeed, the tax filing deadline can bring out our worst fears; especially for those who have not filed their returns and those who are unable to pay their tax bill.
Indeed, there are many reasons why people are not able to pay their tax bill. Regardless, it is possible to avoid many of the harsh penalties the IRS is known for if you are proactive. As such, this post will highlight two important options that may be at your disposal if you find yourself owing.
Ask for an extension – This is especially important if you have not filed your return yet. Perhaps there is additional information that you need to make your return complete, or to ensure that you won’t owe. If you do owe, you could request more time to pay. Depending on the amount due, the IRS may grant an extra 60 to 120 days to pay your bill in full.
Make installment payments – Again, if you owe money to the federal government, you may be entitled to pay your bill in monthly installments. After all, the government wants to collect the full amount due to it. If your tax payments are reliable and consistent, they will be accepted.
If you have questions about making tax payments, what you need to avoid, or asking for additional time to complete your return, an experienced attorney can help.