How long do I have to pay if I owe money on my taxes this year?
April 15th is the day your taxes are due if you owe. Keep in mind that even if you file an extension because you need more time to complete your taxes, you still must pay any tax you owe on April 15th. Filing an extension does not extend the time you have to pay your taxes; it only gives you more time to file your actual tax return.
If you don’t pay any tax you owe by that date. the IRS will typically send you a notice indicating how much you owe along with any late payment fees and interest you will owe. They will give you a date that the taxes must be paid by and also an amount you need to pay by that date. If you owe the tax, pay it. If you can’t pay it, call them and
try and get on a payment plan.
Some people think because they can’t pay their taxes they may as well not even file. This is not a good idea. If you can’t pay your taxes, file your return and include a note indicating that you can’t pay your taxes now and you would like to get on a payment plan.
Either someone will call you when they receive your return or they will send you a notice like the one we talked about above and then you can call and speak to someone in regards to a payment plan.
Whatever you do, don’t ignore the IRS, they don’t go away! Communication is the key. Call them and tell them what your problem is and try to work it out with them. Make it happen!
© 2008 eMarketing 4 Business LLCSource: www.em4b.com