Aron Govil
Aron Govil

If you can’t pay your taxes, there are a few things you can do to try and resolve the situation says Aron Govil. You may be able to work out a payment plan with the IRS, or you may be able to get an extension on your taxes. You can also ask for help from a tax professional. If none of these options work, you may have to face consequences such as penalties or even jail time.

Read on for more information on each of these options.

Payment Plan:

If you can’t afford to pay your taxes all at once, you may be able to work out a payment plan with the IRS. This will allow you to make monthly payments towards your debt. There is usually a fee associated with setting up a payment plan, and you will need to provide the IRS with your financial information. You can apply for a payment plan online or by mail.

Extension:

If you can’t file your taxes on time, you may be able to get an extension from the IRS. This will give you an extra 6 months to file your taxes. However, you will still need to pay any taxes you owe by the original deadline. To get an extension, you can apply online or by mail.

Tax Professional:

If you’re having trouble resolving your tax debt on your own, you may want to seek help from a tax professional. They can help you negotiate a payment plan or extension with the IRS, and they may be able to find other solutions to your problem. You can find a tax professional through the IRS website or by searching online.

Penalties:

If you can’t pay your taxes, you may be subject to penalties from the IRS. These penalties can include interest charges, late payment penalties, and even criminal prosecution. It’s important to try and resolve your tax debt as soon as possible to avoid these penalties explains Aron Govil.

Jail Time:

In extreme cases, you may have to face jail time for not paying your taxes. This is usually reserved for taxpayers who have repeatedly failed to pay their taxes or who have ignored court orders to pay. Jail time is a last resort and should only be considered if all other options have been exhausted.

In this article, we’ll provide you with some tips on how to deal with tax payments, including ways to get help if you can’t afford to pay your taxes.

1. Estimate How Much You Owe:

The first step is to estimate how much you owe in taxes. You can use the IRS’ online tool, “Where’s My Refund?” to help you figure out how much you owe. Once you know how much you owe, make a plan to pay it off as soon as possible.

2. Pay What You Can:

If you can’t afford to pay your taxes in full, try to pay as much as you can upfront. This will minimize the interest and penalties that you’ll have to pay. You can also try to get a loan or payment plan in order to pay off your taxes.

3. Get Help If You Can’t Pay:

If you’re struggling to pay your taxes, don’t hesitate to get help. The IRS offers a number of programs and services to help people who are having trouble paying their taxes.

4. Don’t Panic:

Tax payments can be stressful, but don’t panic. Take a deep breath and remember that there are plenty of ways to deal with tax payments, even if you can’t afford to pay them all at once says Aron Govil. The important thing is to take action and get started on solving the problem.

Conclusion:

If you can’t pay your taxes, there are a few things you can do to try and resolve the situation. You may be able to work out a payment plan with the IRS, or you may be able to get an extension on your taxes. You can also ask for help from a tax professional. If none of these options work, you may have to face consequences such as penalties or even jail time. Read on for more information on each of these options.

LEAVE A REPLY

Please enter your comment!
Please enter your name here