Can't Pay Your Tax Bill This Year? Here Are 5 Things You Can Do Right Now

If you file your your tax return and discover you have a tax bill this year, you're not alone. While the IRS returns billions of dollars to taxpayers each year, some Americans do end up having to pay. If you can't pay your tax bill you can take these steps to avoid facing a hefty penalty from the IRS. 1. File anyway Your tax bill is due on April 15 this year -- regardless of whether you file on time or file an extension. Not filing your taxes won't make your tax bill go away. If you don't pay or set up a payment plan, you'll rack up hefty penalties and fees, causing you to owe more than you originally did. The IRS late payment penalty is 0.5% of the tax owed for each month or part of a month the tax bill remains unpaid after the due date, up to 25%. The government can also garnish your wages or take the money straight from your bank account. You could even face getting a tax lien on your property, which could force you out of your home. 2. Contact the IRS As soon as you know you ... Read full article.