File on time even if you can’t pay
Special to the
With the tax filing due date on Monday, taxpayers should remember to both file and pay any taxes they owe by the deadline.
Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a taxpayer’s debt to grow by more than 30 percent in just a few months.
Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill. Taxpayers should:
l File their tax return or request an extension of time to file by the deadline.
Taxpayers who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.
l Pay as much as possible by the due date.
Whether filing a return or requesting an extension, taxpayers must pay their bill in full by the April filing deadline. Taxpayers who do not pay their taxes on time will face a failure-to-pay penalty. Taxpayers should remember that an extension of time to file is not an extension of time to pay.
l Set up a payment plan as soon as possible.
Taxpayers who owe, but cannot pay in full by the deadline don’t have to wait for a tax bill to request a payment plan. Taxpayers can apply for a payment plan on IRS.gov. Taxpayers can also submit a payment plan request in writing using Form 9465, Installment Agreement Request.