money






 

Question by  JustinCPA (20)

What do I do if I do not have enough money to pay my federal taxes?

I do not have money at this time.

 
+6

Answer by  Cecilia (2828)

First, you should file in a timely manner, even if you don't have enough to pay in full. You want to avoid the additional penalties for late filing. Then, send in what you can manage and request a payment plan for the balance. Start withholding more for the next year.

 
+6

Answer by  Tracy15 (821)

If you call the IRS you can make payment arragements with them. They are very willing to help you in any way they can. I could not pay my federal taxes last year and when I called them I make a monthly payment of 90.00. As long as you make your payments they leave you alone.

 
+5

Answer by  barkley (951)

You can either borrow the money from somewhere to pay your taxes or submit form 9465 when you file your taxes to request an installment payment plan.

 
+5

Answer by  Alisa (903)

If you owe taxes back or current there are always options to help make sure you can afford it. You should first contact your account for the federal tax hotline phone number and make arranges with them over the phone. You could also search online third party business that help with making arrangements and payment plans.

 
+5

Answer by  MarkWatrous (729)

Call them at 1-800-829-1040, press 0 (repeatedly) until somebody answers the phone. Tell them you filed, and that you owe. Tell them that you want to establish a payment arrangement using IRS Form 9465 - Installment Agreement Request. The IRS will want $105 from you to make arrangements.

 
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