ROSELLE/ROSELLE PARK. NJ - The April 15th tax deadline is quickly approaching. If you are one of the many that will owe money this year, the IRS has sent out some helpful tips for filing your taxes that can save you a lot of money in pennies and interest.
With the tax filing due date just a few days away, it is important to remember to both file and pay any taxes due by the April 15th deadline. Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a debt to grow by more than thirty percent in just a few months.
Here are some tips for taxpayers who owe tax, but who can’t immediately pay their tax bill.
- File their tax return or request an extension of time to file by the April deadline.
Taxpayers who owe tax and do not file their return on time or request an extension may face a failure-to-file penalty for not filing on time.
- Pay as much as possible by the April due date.
Whether they are filing a return or requesting an extension, taxpayers must pay their bill in full by the April filing deadline. Taxpayers who do not pay their taxes on time will face a failure-to-pay penalty. Taxpayers should remember that an extension of time to file is not an extension of time to pay.
- Set up a payment plan as soon as possible.
Taxpayers who owe, but cannot pay in full by the deadline don’t have to wait for a tax bill to request a payment plan. Taxpayers can apply for a payment plan on IRS.gov. Taxpayers can also submit a payment plan request in writing using Form 9465, Installment Agreement Request.
Filing for Individuals
Paying Your Taxes
Tax Topic Number 653 - IRS Notices and Bills, Penalties, and Interest Charges
What Is the Due Date of My Federal Tax Return or Am I Eligible to Request an Extension?
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