Owe more taxes than you can pay? Here’s what you should do

Instead of enjoying a tax refund this year, you are surprised to find that you owe Uncle Sam. Even worse, you do not have the money to pay these surprise taxes. What can you do?

One thing you definitely do not want to do is ignore the tax bill. That will only make your situation worse in the long run as you rack up fees and penalties. Make sure that you file your taxes on time and choose one of the following options.

          In general, your best bet to limit the damage is to contact the IRS before the filing date and pay whatever you can at the regular filing deadline to minimize the damage. Investigate the options above to see which one best fits your situation, and do not ignore the problem. Do not expect the IRS to just go away and leave you alone. It won’t happen.

          Originally Posted at: http://www.moneytips.com/you-owe-taxes-but-cant-pay-the-bill

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