Can’t Pay Your Taxes? IRS Offers Help
With unemployment up, there could be quite a few people facing that situation this year. Uncle Sam is offering some help. But keep in mind you still have to file your taxes, even if you’re having trouble paying them.
The IRS says if you can’t pay your taxes, don’t panic, but get on the phone right away with an IRS agent. That number is 800-TAX-1040.
Here are some ways the IRS is offering help:
- They’re accepting reduced payments.
- They’re postponing collection actions.
- And you may also be able to miss a few installment payments without penalty.
You may be asked to provide proof of changes in your financial situation, so have that information available when you call.
The penalty for not filing is a lot bigger than the penalty for not paying. If you don’t file your taxes, your tax bill could increase 5 percent every month, plus interest.
For the second straight year, the IRS is reaching out to people in financial trouble. It plans to hold hundreds of of open houses this Saturday, March 27th, where taxpayers can work out their payments problems with IRS officials.
And always remember that the genuine IRS website is irs.gov. NOT sites with .com, .net, .org or any others. Also, the IRS will never initiate email correspondence about your situation.