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A variety of solutions are available if you can’t file your federal income tax return and/or pay the taxes you owe by the April 15th deadline.
If you are having difficulty, you are not alone. It’s expected that for the 2012 tax preparation season, more taxpayers than ever before will be requesting more time to file and more time to pay.
If paying the amount you owe is the issue, you should still file your tax return. This week’s IRS Newswire report reminds taxpayers:
“Tax-filing extensions are available to taxpayers who need more time to finish their returns. Remember, this is an extension of time to file; not an extension of time to pay. However, taxpayers who are having trouble paying what they owe may qualify for payment plans and other relief. Either way, taxpayers will avoid stiff penalties if they file either a regular income tax return or a request for a tax-filing extension by this year’s April 15 deadline. Taxpayers should file, even if they can’t pay the full amount due.”
Here is a list of payment options approved by the IRS as well as links to find out more information.
Options to Pay Now:
- Debit or Credit Card
- Electronic Funds Transfer
- Check or Money Order
If You Can’t Pay Now:
If You Don’t Pay:
- Refund is used to offset tax bill
- Federal tax lien can be filed against your property
- Salary & accounts can be seized
- You can be served a summons
- You face penalties & fines
- If fraud is proven, you face fines & imprisonment
Find out more about the cost of failng to file or failing to pay in our previous blog: “The Cost of Filing Late & Paying Late”.
If you have any questions, please don’t hesitate to call us at McRuer CPAs to review your options with one of our tax preparation team members.
