Tax Tip: Options are available for people who can't afford to co - KOTA Territory News

Tax Tip: Options are available for people who can't afford to cover taxes


With the deadline to file taxes now less than a month and a half away, many people worry because they don't have enough money to cover their taxes. But experts say if you are in this situation, there are options.

Don't be afraid to contact the IRS directly. Sometimes the agency will reduce or eliminate penalties, especially if there's a good reason you can't pay your taxes.

The IRS also offers an installment plan if you can't pay it all at once.

One of the best things to do is talking to a tax specialist.  If tax debt is a major problem, they can negotiate with the IRS to reduce debt and hammer out a payment plan.

"Or you can just take and extend you return, and if you can pay it by October 15th. Now, you'll still have interest and penalties because the April 15th, it's an extension of time to file, it's not an extension of time to pay," said Certified Public Accountant Michael Johnson.

Experts say to plan ahead: this way you can avoid making the same mistakes this year.

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