Setting Up An Installment Payment Plan
Ignoring your taxes is something that you should never do. And with all the different tax preparation options available today, completing your return is easier than ever before. There are numerous outlets in every major city, office product stores selling the latest TurboTax and H&R Block Home Edition, plus online tax preparation and filing options. And planning you taxes during the year makes completing your taxes at the end of the year, that much more convenient.
If you do enter the tax season unprepared and wait until the very end you can face penalties, fines and interest from the IRS when you fail to file before the filing deadline. These amounts will add to the tax that you might owe making resolving the debt more difficult. Plus the IRS is reluctant to forgive debt unless you can prove a complete inability to pay. (Check with a professional)
If you do not have the funds needed to pay your taxes when April 15th arrives, there are options for you that are better than not filing a return. Work with the IRS and your tax professional to resolve your tax situation during the tax season. Requesting a payment installment plan with the federal government is a great solution for you. You can pay the taxes you owe over a period of time with payments that are affordable. While filing an extension is a great way to delay your final return, remember that taxes are due on April 15th and not when you file the extension.
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