A TAXING DILEMMA: What If You Can’t Afford To Pay?

With less than a week to April 15th, there’s a good chance if you’re procrastinating if you owe the IRS money.

Every year, about 75% to 80% of taxpayers get a refund.

But if you’re not in that category this, time of year can be extra hard.

Raphael Tulino is with the IRS and he says if you need help, speak up.

“For those in the situation where you’re financially distressed, if you need some help from us, we are empowered to be more flexible than ever, and whatever we can do to help you to satisfy a tax debt,” Tulino said.

They will help you set up an installment agreement. All you have to do is ask.

“We’ll work with you on that,” Tulino said. “We’re not going to throw penalties and interest with someone who is being forthright and letting us know they can’t pay in full. No worries. We’ll work with you, and, that way, you can take care of it down the road.”

If you owe, or think you owe, you’re money is due by April 15th.

You can file for a six month extension on your paperwork, but it’s not an extension of time to pay.

A good faith estimate of what you owe is still due by next week.

Otherwise, you could incur penalties or interest.