Filing Your Taxes & Can’t Pay? 5 Options to Consider
If you’re certain you will be due a refund when tax time rolls around, chances are filing your taxes will be done before the due date. However, if you’re one of many who will owe the IRS, and you don’t have the money to cover the bill, it may be a different story.
A study was done last year to find the reason why many taxpayers failed to file their tax return by the extended filing date of July 15, 2020. It revealed that 24% of that group were sure they owed additional taxes, but they were not able to pay.
It hasn’t been easy, but you finally gathered the necessary income tax forms to file your 1040 online. However, you now begin to have second thoughts about this entire process that so many are raving about.
The prior year, your cousin who lives down the street, filed your tax returns for you, using some software program he bought at the local mall. You remember the large refunds that you were counting on to pay down some credit card bills, and how long you had to wait for the IRS check to arrive in the mail. As a matter of fact, it took over two months because your cousin had you file your 1040 by paper copy to the IRS and your state.
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