Your tax return is done but what happens if you have an unexpected balance due?
If you’re not able to pay the tax you owe by your original filing due date, the balance is subject to interest and a monthly late payment penalty. It’s always in your best interest to pay in full as soon as you can to minimize the additional charges.
- Full Payment Agreements (up to 120 days)
- Installment Agreements
- Offer in Compromise or Partial Payment Installment Agreement
- Temporarily Delay Collection
Although it’s frightening to know you owe the IRS there are options. Don’t panic and don’t make things worse by not filing. There’s a penalty for failure to file a tax return, so make sure to file timely even if you can’t pay your balance in full.
If you are interested in knowing more, enter here