Taxes Due Monday; IRS Encourages Payment ASAP

 
 

If you haven’t yet filed your taxes, it’s time to do so before the IRS tax filing deadline on Monday. With the deadline less than three days away, the IRS is offering tips for those who have completed their federal tax return but are unable to pay it all upon filing.

IRS officials encourage taxpayers to file on time and pay as much as they can; filing on time ensures that the taxpayer will avoid the late filing penalty, and paying as much as possible reduces the late payment penalty and interest charges. For electronic payment options, see IRS.gov, and if paying by check, make it payable to the United States Treasury and include it with your return.

If possible, consider getting a loan or paying by credit card, as the interest and fees charged by a bank or credit card company may be lower than the IRS interest and penalties. Alternatively, request a payment agreement – the IRS needn’t send you a bill before you request a payment plan. Visit IRS.gov to use the Online Payment Agreement tool or complete and submit Form 9465, Installment Agreement Request, with your tax return.

Finally, don’t ignore a tax bill. If you get a bill from the IRS, contact them right away to talk about payment options. The IRS may take collection action if you ignore the bill, which will only make things worse. In short, it is always best to file on time, pay as much as you can by the tax deadline and pay the balance as soon as you can. For more information on the IRS collection process go to IRS.gov or see IRSVideos.gov/OweTaxes.