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For many Americans, tax season can be a headache for a number of reasons. Gathering relevant documents to prepare for an accurate filing is only half the battle. Actually paying your tax bill can be burdensome for many, especially if that bill turns out to be higher than expected.
What should a person do if their tax bill is more than they can afford?
First of all, do not ignore it! Penalties can be severe and it accrues interest. The IRS calculates underpayment penalties based on how much you owe and how late you are in paying. Penalties typically range from 0.5 percent to 25 percent of the amount due
If you cannot find the cash or credit from short-term borrowing like on a credit card, consider a payment plan with the IRS. There are several options depending on the amount of tax due and the terms you need to pay it off.
This tax advice is brought to you by our partner Jackson Hewitt.
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