The end of tax filing extensions is quickly approaching. What do you do if you cant pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.
Credit Cards
You can charge your taxes on your American Express, MasterCard, Visa or Discover cards. If you go in this direction, you can use either of the following two sources:
Official Payments Corporation
1-800-2PAY-TAX (1-800-272-9829)
www.officialpayments.com
Link2Gov Corporation
1-888-PAY-1040 (1-888-729-1040)
www.pay1040.com
If a credit card is out of the question, you may be able to pay any remaining balance over time in monthly installments through an installment agreement. If you are completely wiped out and the future looks grim, you may also want to consider getting the tax amount reduced through the Offer in Compromise program.
To apply for an installment payment plan, fill out and attach Form 9465 to the front of your tax return. The IRS has streamlined the approval process if your total taxes (not counting interest, penalties or other additions) do not exceed...
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