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Need more time to pay the IRS? Four tips to settle your bill

All taxpayers should file their tax return on time, even if they can’t pay what they owe. Filing on the extended due date is also counted as filing on time – provided that extension request was filed by the original due date of the return.

Most importantly – if you cannot file on time, file an extension to save you from potentially paying a failure to file penalty – this is the most onerous of penalties.

Even if an extension is filed then comes the all encompassing question – when is the payment of tax bill due? Does it get extended if you have filing due date properly extended? The answer is NO. For the most individuals tax payment is due by the original due date of the return regardless of the extension.

If you filed your tax return on time, you already made the most important step – declared your income. Now the IRS knows that you are aware of your tax bill.

Payment of the entire tax bill may be challenging, especially if you did not expect that bill this year would be higher than in previous years.

Whole Story at TFX.

From → TFX Articles