The deadline to file your tax return is April 15.
If you owe taxes but you can’t afford to pay it in full, you could get socked with penalties and interest.
Whether or not you can pay, you should still file your return on time, the IRS said.
“If you owe taxes, but can’t pay in full by the April deadline, you should file your federal tax return anyway and pay as much as possible to reduce penalty and interest amounts,” it said.
It’s also important to know that if you file for an extension, that’s only for filing the return. You do not get an extension of time to pay the money you owe.
If you need more time to raise the cash, you can apply online for a payment plan to pay off your balance over time, the IRS said.
You may also qualify to pay less than what you owe with what the IRS calls an Offer in Compromise,” the IRS said.
There are also temporary collection delays if you’re facing a financial hardship.
The IRS offers details on all the payment options and how to apply on its website.
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Karin Price Mueller may be reached at KPriceMueller@NJAdvanceMedia.com. Follow her on X at @KPMueller.
