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What to Do if You Can't Pay Your Tax Bill
Source:
finance.yahoo.com
- Mar 9, 2017
"Don't panic."
That's one of the first pieces of advice the Internal Revenue Service gives filers who can't pay their taxes. In addition to panicking, the IRS strongly cautions filers against delaying or neglecting to file entirely, as doing so can result in huge financial consequences.
If you've stumbled upon the jarring realization that you owe more taxes than you can pay this year, take comfort in the fact that you are not alone. "We often encounter clients who are unable to pay their tax bill on time," says Lynn Ebel, manager at The Tax Institute at H&R Block. Major life events such as divorce, job loss, bankruptcy or tapping into a retirement account are often the culprits behind a failure to meet tax dues, Ebel says.
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Category: General Business
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