US EditionWhat to do if you can't pay the taxes you owe
- If you cannot pay taxes owed, you should still file a return or ask for an extension, according to tax professionals.
- Interest and penalties begin to accrue immediately if you do not file or request an extension, according to IRS guidelines.
- Volunteer Income Tax Assistance sites can help you file a return or set up a payment plan, providing free assistance.
- The IRS can also put your account in 'currently-not-collectible' status if you share information about your financial hardship, noted Tom O'Saben.
56 Articles
56 Articles
My Father Passed Away Leaving $15K in Taxes Owed on His 401k Cash Out—Am I Responsible?
24/7 Wall St. Insights: Death and taxes are an inevitable part of life, and often they will intersect at the worst possible moment, complicating any inheritance. Taxes due by the leftover estate are the obligation of the estate, but heirs may be confused on whether they are personally liable based on distributions they received from it, including homes and life insurance. Consulting with a financial planner and a tax professional when setting…
You owe taxes but don’t have the cash to pay. Here’s what to do
If you know or suspect you can’t pay the taxes you owe this tax season, you should still file a return with that information or file for an extension. That’s the top piece of advice that tax professionals want you to know.
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