Taxes 2017: What Happens When You Can’t Pay Your Taxes?


taxes

We’re a little over a month away from Tax Day on April 18th. If you haven’t sent in your forms and checks to Uncle Sam yet, you better get to it soon. If you’re still waiting on 1099 forms like I am, you might want to call your broker or financial services provider and tell them to send it over already.

Once you finish preparing your taxes, however, you might find yourself owing the federal and/or state more than you expected. This is normal, as your job might not be withholding enough from your paycheck or you might not owe significantly more if you’re self-employed. Those who are well-prepared and financially stable are ready to shell out for such tax shocks, especially if they built some sort of emergency fund. Unfortunately, not everyone can afford to pay their taxes when they’re due…or at all.

If you’re having trouble scrounging up the cash to pay a sizable tax bill, don’t fret. The folks at Money Talks News are here to help with an informative video that lets you know just what you need to do if you’re in this pinch. Just remember: if you don’t take the right steps now when you’re in tax debt, you could see that debt pile up in no time.

If you pay your tax bill late, you’ll inevitably end up paying fines. If you file and pay later, your fines will be rather minor. If you don’t file, you can expect sizable, unmanageable fines to be tacked on when you’re finally ready to pay…among other unpleasantries.

Do yourself a favor: file before the tax deadline. Regardless of whether or not you can pay, it’ll still end up saving you more in the end.


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