Here’s what to do if you can’t pay your tax bill on time.
Anyone who has reacted with horror at the amount they owe the IRS might know what can come next: realizing there's zero chance of coming up with the money by the time it's due.
The IRS expects 155 million tax returns to be filed this year, with a due date of April 17 . Last year, the agency issued 111.9 million refunds worth a collective $324 billion. The average amount of refund per taxpayer was $2,895. "Even if you can't pay anything, it makes sense to file on time to avoid these costs," said certified financial planner Misty Lynch, a financial consultant at John Hancock in Boston.
"It's only an extension to file your return, not to pay what you owe," Slott said."If it were an extension to pay, everyone would do it." "These are subject to approval, so plan ahead and file on time to improve your [approval] chances," Lynch said.
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