If you’re like many American tax time will sneak up on you before you even know it. Did you File taxes online, send them off through snail mail, or are you like thousands of people who need an extension?
If you owe federal income taxes, try to pay as much as you can to avoid a lot of interest and penalties which will be added to your late taxes. The IRS will give you options to pay taxes that are owed, pay on line by using a credit card, electronically withdraw transfer from your a banking account, a cashier’s check, or cash. IRS will work with late tax payers by setting up an installment payment,but the interest and penalties will still be added in this amount.
If no effort is made to try to pay your recent taxes or back taxes, the IRS will go to all means to try to collect the back taxes you owe. IRS will go after your checking account, savings account, retirement accounts, put lien on your real estate,and possibly use the Federal government to go after this individual. By all means try to pay on time, if it’s just not possible then file a Federal tax extension form on your taxes.