Do You Owe Taxes? Payment Plan Options Are Available
Yes, it’s tax season, and if you discover you owe taxes, keep in mind that payment plans are an option.
This IRS news release HERE provides resources to those who owe taxes but aren’t able to pay in full by April 15th.
You are encouraged to pay what you can, and file on or before the April 15th deadline.
By paying at least part of what you owe, you can reduce the amount of interest and late payment penalty that will be added to any payments made after April 15th.
Please note that requesting an extension is not a solution because it only gives a taxpayer more time to file, not more time to pay.
Most individual taxpayers qualify for a payment plan.
Payment plans can be set up online HERE.
There are other payment plan options as well, so make sure to read the details on the news release link.
Final note, avoid scams! The IRS will not call, text or contact anyone via social media to demand immediate tax payment. Instead, the agency usually contacts by mail, letter or notice explaining what they owe and how to question or appeal any amount due. Find out more about scams HERE.
If you are facing tax or any other debt and would like to meet and create a plan for your money, I can help! Click HERE to schedule your personal financial coaching session.
Lisa Atkinson
TFCU | Personal Financial Coach
latkinson@tucsonfcu.com
As a Personal Financial Coach, I do not provide legal or tax advice.
Tucson Federal Credit Union does not make any guarantees that this service will achieve any particular objective or outcome. For any legal advice, please seek the advice of an attorney or tax professional.
