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If you canβt pay your taxes, the first thing you need to do is not panic. What you need is a plan that will help you tackle this setback:
1. File by the regular deadline, even if you canβt afford to pay your taxes on time.
If you owe money to the IRS, you might think itβs best to wait to file your taxes. But the penalty for not filing a return or filing a late return can be 10 times as much as the penalty for not paying on time.
Keep in mind, even if you file your tax return in February or March, your tax bill isnβt due until tax day April 15, 2024.
Also keep in mind, an extension just gives you more time to file, but your taxes are still due on tax day.
If you pay late, youβll have to pay interest and penalties on any taxes you owe for the year. So make sure you file your return on time!
2. Pay as much as you can by the tax deadline.
3. Keep paying the taxes you owe even after you file, and talk to the IRS about a payment plan.
Lastly, find an experienced tax professional as soon as possible to help you file your taxes.
They may be able to find tax credits and deductions thatβll lower your tax bill. And when you owe the IRS, every dollar counts!
Seeking advice from a tax professional can provide insights into available options and guide you through the process.
Get started today! ππ½ ...