Tax Day Procrastination
You have put off your tax filing long enough! The 15th was Friday. Because it was “Emancipation” on Friday in D.C. it was a day of reprieve for you and your taxes due date too.
can’t pay it all?
Pay some. The IRS looks favorably on filers they believe are making a good faith effort. While you have to make “a payment” to the IRS on or by the April 18, that payment can be as little as $1. Pay that minimum, and you won’t have broken any rule–though you will have to pay interest to the IRS on what you owe, plus any penalties. If you owe $25,000 or less (in combined tax, penalties and interest), you can get permission to pay in installments by filing Form 9465 and using the Online Payment Agreement (OPA). Taxpayers with annual incomes of up to $100,000 and tax liabilities up to $50,000 can enter into an agreement with the IRS called an Offer in Compromise, which settles the taxpayer’s tax liabilities for less than the full amount owed, subject to IRS approval, which is by no means a given.
You have till 11:59pm, Monday night! Look for Monday’s blog at 7am on extended Postal hours for Billings.