Can't Pay Taxes? | Contact Nationwide Tax Consulting

If you cannot pay your taxes by the deadline, you are not the one so do not worry; there are ways to get out of such a situation. Paying taxes is the second thing so leave that for later and first, think about filing your taxes and this is more important.

If you will pay taxes, IRS will charge you with Failure to Pay Penalty and will add 0.5% interest to the owed tax amount but if you do not file, will charge with Failure to File during which they will add 5% interest on the owed tax amount. So consider filing taxes first of all and then if your financial condition doesn't allow you to pay, there are several ways you can go for.

1.  Extension: If you can't pay your taxes and need time, you can ask for an extension, and I would advise you to consider help from professional tax company such as Nationwide Tax Consulting as they can prepare your file and will present your eligibility for the extension.

2.  Offer In Compromise: If you think that your debt to IRS is more than you can pay, you can ask for Offer In Compromise and negotiate with IRS to an amount that you can pay, but Yes, you should have a genuine reason that doesn't allow you to pay that amount.

3.  Installment Agreement: If you do not stand for Extension and Offer In Compromise, Nationwide Tax Consulting can apply for Installment Agreement on your behalf so you can conveniently pay your debt in installments. It will be an agreement between the IRS and the taxpayer to ease paying taxes.

You may receive a denial and still can appeal the decision with more stronger file and with increased chances of approval. Always consider an expert to manage things on your behalf if you are not much experienced in such situations.

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