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Tuesday, April 14, 2009
What to do if you cannot pay your taxes in full by April 15 deadline?

As I mentioned in my yesterday's post, we requested an extension to file taxes this year. In our case, we didn't have to send any payments as we are expecting a small refund. However, if you owe IRS money, it's good to pay it by April 15th deadline to avoid fees such as interest and penalty charges. If you cannot pay the full amount of taxes you owe, one available option is to fill out Form 9465 to request a monthly installment plan which can give you up to 60 months to pay. The IRS usually lets you know within 30 days whether your request has been approved or denied. However, be aware that setting up the monthly installment plan carries a fee which is currently up to $105 depending on your method of payment as shown in the above figure (Source: IRS Form 9465).

For complete details, see:

Form 946
IRS

Disclaimer: I am not a tax advisor or a financial expert. The purpose of my writings or this web site is not to give any tax or financial advice nor make any recommendations. This site is just a blog of my activities, interests and thoughts, and the information on this site is only meant for entertainment purposes. You should always consult your attorney, accountant or other tax professional to discuss your specific situation.
posted by Little Rishi @ Tuesday, April 14, 2009  
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