The first thing to remember is that a payment due on your income tax return doesn’t need to be submitted until the tax filing deadline (typically April 15th).
Get your taxes prepared early so you know how much money you’ll need to send on the 15th. Whatever you do, even if you know you’re going to owe taxes, make certain that you either file a tax return or an extension request on-or-before April 15th. Failure to file a return will only increase the amount you owe the IRS.
If you’re unable to pay all the taxes due on April 15th, pay as much as you can. After you file a return the IRS will send you a notice informing you that you owe them money. The amount due will include some interest charges. If you’re still unable to pay the amount they’re requesting, the IRS will work with you to set up a payment plan.
Always remember that the IRS wants to work with you to help resolve your tax issues. Choosing to ignore their notices will only complicate your situation.
If you’re uncomfortable speaking with the IRS, contact Cloister Tax Services and our Enrolled Agent will contact them on your behalf.