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Can't Pay Your Taxes?

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While many tax refunds may be late in coming if the government shuts down, the IRS says your taxes are still due on time. What if you can't pay your taxes?

IRS Commissioner Doug Shulman made it clear this week that Americans will still be expected to file their taxes by this year's deadline of April 18. The IRS says you should still file your return by the deadline and pay as much as you can to avoid penalties and interest.  

If you file your return without paying the balance due, the IRS will charge a late payment penalty, but Tulsa CPA Jeff Frable says that penalty is only half a percent a month. Frable says one option is contact the IRS to set up a plan to make the payments in installments. He says if you stay current on your payments, the IRS will leave you alone.

Frable says the important thing is to file your tax return, even if you can't pay the tax owed.  And call the IRS to discuss your situation. Click here for more options if you can't pay.

 

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