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THE tax deadline is a few days and the IRS urges taxpayers to produce declarations in time and to “pay as much as possible”.
However, if you cannot cover your total tax balance, There are options For the remaining taxes due, according to the agency.
For most declarants, April 15 is the due date for federal returns and taxes. But your federal deadline could be later if your condition or county was Assigned by a natural disaster.
If you are in the army stationed abroad or if you are in a combat zone During the income declarations season, you may be eligible for certain automatic extensions linked to the deposit and payment of your federal income taxes.
In addition, those Live and work abroad Also have additional time to deposit.
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If you miss tax forms or need more time, you can file a tax extension By April 15, which pushes the federal deposit deadline until October 15.
But “this is an extension to be filed, not an extension to pay,” said Jo Anna Fellon, Managing Director of the CBIZ financial services company.
File by April 15 and “pay what you can”
If you cannot cover your balance by April 15, you should always produce your declaration to avoid a higher IRS penalty, according to experts.
THE Failure penalty represents 5% of unpaid taxes per month or per partial month, capped at 25%.
In comparison, the non-payment penalty is 0.5% of taxes due per month, limited to 25%. The two penalties arouse interestwhich is currently 7% for individuals.
Place on time and pay what you can.
Misty Erickson
Tax content manager at the National Association of Tax Professionals
“Deposit in time and pay what you can,” said Mister Erickson, responsible for the national association of the National Association of Tax Professionals. “You will reduce penalties and interest.”
Do not panic if you cannot cover the full balance by April 15, because you can have payment options, she said.
“The IRS wants to work with you,” added Erickson.
Options if you cannot pay your taxes
“Most individual taxpayers can qualify for a payment plan“Said the IRS in a recent press release.
The “fastest and easiest way to register is using the Online payment agreementwhich may include configuration costs, depending on the agency.
These payment options include:
- Short -term payment plan: This can be available if you need less than $ 100,000, including tax, penalties and interest. You have up to 180 days to pay in full.
- Long -term payment plan: You will have this option if your balance is lower $ 50,000, including tax, penalties and interest. The monthly payment calendar lives up to the IRS “recovery status”, which is generally 10 years.
The agency recently Reworked payment plans To make the program “easier and more accessible”.
