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Should I File a Tax Return If I Can't Pay My Taxes?

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Giving money to the IRS can be a painful experience. This can be especially true if and when it comes time to pay and you do not have enough money to pay back Uncle Sam. If you do not think that you have enough money to pay them right away the logical choice would be not to file a return. While it may sound reasonable, you still want to make sure you file a tax return to avoid or minimize any potential penalties that you may encounter.

There are ways to handle this situation that are much more beneficial than just ignoring them. Penalties and interest will add up, so the best thing to do is pay as much as you can at first and then wait until the IRS sends you the rest of your balance. This may take up to 45 days. There is also the option for filing for an extension for your taxes. By filing for this extension before the deadline two very good things will happen. First, you will not have to file for your taxes until months later, giving you more time to come up with the funds and you will also avoid the late filing fee which can be 25 percent of any additional taxes you owe.

 Need Help Filing a Return If You Cannot Afford to Pay Taxes?

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