The May 17 deadline to file your taxes is almost here, so it’s worth keeping in mind that even if you can’t pay your taxes in full, you still have to file on time. If you have difficulties paying your taxes in full this 2021, don’t worry. Keep reading to learn more about your options.
Make Sure to File by May 17
First off, make sure to file by the May 17 deadline to avoid a failure-to-pay penalty. If you can’t file your return by the due date, you can request an extension that will give you until October 15, 2021, to file your return. If you do get an extension, remember that this is an extension to file, not an extension to pay, so you still have to pay at least a portion of your taxes by May 17.
Pay as Much as Possible by May 17
If you can’t pay your taxes in full, you should still file your return by the May deadline and pay as much as you can to avoid penalties and interest. In some cases, the IRS is able to waive penalties, but not the interest charges on unpaid tax bills. Throughout this process, you may find useful to seek the assistance of a tax professional who can offer guidance and advice.
Set Up a Payment Plan
If you cannot pay your taxes in full by May 17, you can also set up a payment plan to pay your tax bill in more manageable installments. You can apply for a payment plan online or using Form 9465, Installment Agreement Request. Also in this case, the assistance of tax professional can prove invaluable to ensure that the process is agile, fast, and stress-free.
Need Help With Your Taxes? Contact the Experts at JT Tax Services
Do you need help filing your 2020 tax return? Do you want to learn more about Economic Impact Payments? At JT Tax Services, we give you the peace of mind that comes with knowing that you are limiting your liability while staying compliant with all regulations.
We are located in Oxnard, California. Contact us today by email (firstname.lastname@example.org), telephone (805-984-8890), or through our social media accounts on Facebook, Twitter, and LinkedIn to schedule a consultation or to learn more about our services.