Can’t pay your taxes by April 15th?

April 15th is this week and there will be those of you who owe income tax but can't pay the full amount by the 4/15/10 deadline. One option is to file an Extension but you will be charged penalty and interest up to the date you file your tax return. Another option is to file your return on time and pay as much as you can to reduce penalties and interest. You can then (1) request more time to pay based on your particular circumstances; (2) request an installment agreement—those who owe $25,000 or less in tax, penalties, and interest can apply for an installment agreement by using the Online Payment Agreement (OPA) option at:

 

www.irs.gov/individuals/article/0,,id=149373,00.html

 

or (3) charge the taxes on a Visa, American Express, MasterCard, or Discover Credit Card, Visa Consumer Debit Card, or a NYCE, Pulse or Star Debit Card. The first option can be difficult to obtain, and only provides an additional 30 to 120 days to pay the tax in full.

 

Have questions? I’m here to help.

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About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA