Common problems for those filing annual tax returns:
I cannot pay the amount I owe by April 15th
On the surface st least this is one of the most difficult problems to deal with but there are solutions. Delaying with this problem will make it worse as interest and penalties may accumulate and make the situation worse as time goes on and if the fees and compound interest go on too long it can really become out of control. You are not alone in this as on average the IRS will assess more 13 million penalties to taxpayers who are late.
Often the best way to avoid this situation is to attempt to get an extension on the amount of time they will allow you to pay the federal taxes owned. This sounds similar to the typical “getting an extension” but to be clear we are talking about the time to pay off the debt not the more... ...read full post