What if You Cannot Pay Taxes You Owe?
There are some instances where you cannot pay the outstanding taxes. You need to send in your return by the filing deadline, even if you don’t have enough money to pay the taxes. There are more penalties for filing late, as compared to paying late. Regardless of the amounts you owe, you must try to find possible income sources to obtain this money. There are plenty of options available such as savings, home, credit cards, or any other jobs. The IRS will send you a letter, if you filed your taxes on time mentioning the exact amount you owe, plus any additional interest.