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http://www.irs.gov/uac/What-if-I-can’t-pay-my-taxes%3F
9 years ago. Rating: 4 | |
If you find yourself unable to pay your state tax return on the deadline day, it's essential to take proactive steps to address the situation. Here's what you can do:
File Your Tax Return on Time: Even if you can't pay the full amount owed, it's crucial to file your tax return by the deadline. Failing to do so may result in additional penalties and fees.
Contact Your State Tax Authority: Reach out to your state tax authority as soon as possible to explain your situation. Many states offer payment plans or installment agreements for taxpayers who are unable to pay their taxes in full. They may be willing to work with you to set up a manageable payment schedule.
Explore Penalty Relief Options: In some cases, you may be eligible for penalty relief if you can demonstrate reasonable cause for not paying on time. Contact your state tax authority to inquire about any available relief programs or options.
Consider Borrowing Funds: If possible, consider borrowing funds from other sources to cover your tax liability temporarily. This could include personal loans, lines of credit, or borrowing from friends or family. Be sure to weigh the costs and risks associated with borrowing against the potential penalties and interest charged by the state tax authority.
Adjust Withholding or Estimated Tax Payments: If you consistently find yourself unable to pay your state taxes on time, consider adjusting your withholding or estimated tax payments for future tax periods. This can help ensure that you have sufficient funds set aside to cover your tax obligations.
Seek Professional Advice: If you're unsure how to proceed or need assistance navigating your options, consider seeking advice from a tax professional or accountant. They can provide personalized guidance based on your specific financial situation and help you determine the best course of action.
Remember, ignoring your tax obligations will only lead to further penalties and interest charges. It's essential to address the issue proactively and work with your state tax authority to find a solution that works for you.
5 months ago. Rating: 0 | |