What Should You Do If You Don’t Have The Money To Pay Your Taxes?
Your 2024 taxes are due tomorrow. That means an envelope with your check has to be postmarked by midnight on April 15, 2025. Or you’re late. What if you owe money you don’t have? Maybe you calculated things poorly. Or you didn’t realize you were supposed to be paying quarterly self-employment taxes. You owe, but there isn’t enough in your bank account to pay the bill. What do you do? File Your Return Anyway First of all, FILE YOUR TAX RETURN ANYWAY. Yes, I put that in all caps on purpose. It’s that important. Why? It’s bad enough that you can’t pay your taxes, but not filing your return is double-bad. Penalties You see, the IRS has two different penalties related to this. One is for not filing your tax return and the other is for not paying your taxes. Filing your tax return is a free and easy way to get out of one ...
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