If you find that you owe more taxes than you can pay with your tax return, don’t panic! Make sure that you file your taxes on time or extend, this way you can avoid having to pay a penalty for filing late.
Here is what to do if you can’t pay all your taxes by the April 15th due date:
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, by check, or money order. Visit IRS.gov for electronic payment options.
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 the IRS interest and penalties. For credit card options, see IRS.gov.
Use the Online Payment Agreement tool. You don’t need to wait for the IRS to send you a bill before you ask for a payment plan. The best way is to use the Online Payment Agreement Tool. You can also file Form 9465, Installment Agreement Request, with your tax return or in response to your bill.
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. Contact our office or the IRS right away to talk about your options. If you are suffering a financial hardship, the IRS will work with you.
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 check out IRSVideos.gove/owetaxes.
To make a payment, apply for an installment agreement and get information about the collection process, go to the Make A Payment. As always, please feel free to contact our office at 607-272-5550 or email@example.com with any questions or concerns.