So, let's say you've been putting off filing your income tax because you're thinking, "What am I gonna do? I'm gonna owe money. I don't have it." Well, let me tell you what you should do - absolutely, positively file your tax return on time, even if you don't have the money to pay. Send it in, even if you have no money to send in. Here's the deal: the penalty for failure to file is massive. However, the penalty for failure to pay is actually pretty small. So, what you should do is file that return and send whatever money you can. You can also propose a payment plan to the IRS. As long as you agree to pay them the money over a typical year, they'll likely approve it without any doubt. With that payment plan, you can send them a little bit of money every month, as you have agreed. But let's say the IRS doesn't like the payment plan you propose. You may have already substantially paid the tax bill under the plan you proposed before the IRS even gets around to answering and telling you they don't like your plan. So, you propose the plan, you pay against it, and that way, you stay out of trouble with the IRS. The best news is that the interest rate you owe when you pay your taxes off over time is very, very low. So, you can feel comfortable that you're gonna be A-OK with the IRS as long as you file that return and pay what you can. The big thing is always to file your return.
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Payments by Electronic Funds Withdrawal — IRS For more information about online payments, see IRS.gov. It includes tools for determining the amount of income tax you owe, the due date that must be paid on your return, and more. You can also find information on filing your federal tax return, preparing and filing your tax return, refunds and credits, and more.
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