Owe Taxes But Can’t Pay?

This video was published by the IRS.

Are you putting off filing your tax return because you owe money but can’t pay? You shouldn’t. The IRS can help you if you’re having trouble paying all the taxes you owe at once. But you must take action. Here’s what you need to do.

Before the April deadline, either file your tax return, or get an automatic six-month extension of time to file your tax return. This will help you to avoid the failure-to-file penalty.

Next, you should pay what you can before the April deadline. That’s because you will be charged interest and a penalty on whatever is left. So you want the amount you owe to be as small as possible.

Then check out the different payment options offered, such as an installment agreement, or an offer in compromise. Go to IRS.gov/payments for more details.