What if you don't have the money to pay taxes

By filling out a tax return, some taxpayers find that they are unable to pay taxes on time.

Фото: Depositphotos

But do not rush to panic, edition NBC gathered several ways to solve this situation.

Do not refuse to file a tax return.

Even if you know that you cannot pay taxes, you still need to file a declaration on time, because if you don’t do this, then you will have a fine and late payment fee.

Look for an opportunity to pay taxes

It is best to still pay taxes on time. Therefore it is worth looking for an opportunity to do this. You can defer payment on a mortgage or credit card, if there is a small percentage. Since the delay in payment of taxes is fraught with fines and penalties, which can significantly increase the final amount of taxes.

Pay some taxes

If you have the opportunity to pay only part of the taxes, pay as much as you can. This will help reduce interest and late fees.

Explore the possibility of obtaining installments from the IRS

If you owe less than 10 000 tax dollars and cannot pay this amount on time, issue an installment plan with the tax office. This is a simple process, and the interest you pay will be much lower than the fine.

Calculate the cost of using credit cards to pay taxes

Taxes can be paid by withdrawing money from a credit card, but in this case it is worth carefully calculating what interest you will have to pay for using the money from the card, and whether it will be less than the interest for late payment of taxes.

Prepare for the next tax season

This year, after a change in tax legislation, the amount of taxes could take you by surprise. If your annual income is relatively stable, then you can expect that next year you will have to pay the same amount. Therefore, it is worth preparing for this and postponing the same amount to the next tax season.

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4 tax return errors that may delay your return

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