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What To Do if You Can’t Pay Your Taxes

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$7.97

Facing a tax bill you can’t pay? This guide provides essential steps and options to manage your tax obligations, minimize penalties, and avoid additional complications. Learn about filing extensions, payment plans, and other relief measures to help you navigate financial difficulties while staying compliant with IRS regulations.

 

Highlights:

 

• Filing Extensions: How to apply for a six-month extension to file your tax return and the importance of doing so even if you can’t pay the full amount.

• Partial Payments: Advice on paying as much as possible to reduce penalties and interest, and exploring loan options.

• Payment Plans: Overview of installment agreements, including eligibility criteria and application process, to spread payments over time.

• Offer in Compromise: Conditions under which the IRS may accept a reduced payment to settle your tax debt.

• Avoiding Further Penalties: Tips for maintaining compliance with tax laws to prevent additional fees and interest.

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