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Tip of the Day Put At Least 20% Down On A Home

Put At Least 20% Down On A Home - Your home is most likely the biggest purchase you will make in your lifetime, so when planning for the big day,...

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Help Paying Tax

So, you've finally completed your taxes, but when you looked at the literal bottom line of your tax paperwork you saw that you owe the government a lot of money. As in, way more than you ever thought you'd have to pay. And unfortunately, you simply don't have the money. You looked at your credit card statements but you are maxed out and you looked in all of your pockets and in the ashtray of your car but you only found about $10.

So what can you do? The first option is to ask for a filing extension. Technically, you're supposed to pay 90 percent of what you estimate you will owe when you file for the extension, but hardly anyone ever does it because they don't have the money. If had the money, they'd give $45 of it to H. & R. Block and file on time. Yes, you will have to pay interest on the unpaid tax if you file for an extension, but you won't have to pay the additional penalties imposed if you don't apply for the extension and simply don't file at all.

What happens if you still don't have the money when the extension expires? If you think you're going to be coming into some money or be called back to work for GM or Chrysler sometime between now and judgment day (swell chance) you could just do nothing. The IRS wheels grind exceedingly fine and very slowly, you may get some form letters from time to time, but serious collection efforts won't start for a year or two. So, if you're expecting your ship to come in. you could just hunker down and get used to fact that you will be paying a lot of interest and penalties when the pay-up-or-die date finally arrives.

A better alternative, however, is to file your tax return without including a check. The IRS understands people who simply can't pay. The will go to the ends of the earth to run them down and try to extort money from them, but they'll be a lot less hyper about it than they are with people who fail to file -- which is considered by most "revenuers" as a personal slap in the face and slur against their female parental unit.

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