All across the country, last-minute tax filers will be scrambling to complete their tax returns this weekend to ensure that they get them out on time. If you waited until now, things may be a little more stressful than usual, but we're here to help.
As you put together your tax return this weekend, it's possible that even if you and your tax preparer find all the tax credits and deductions you’re eligible for, you may still owe money to the IRS. This part may be the most stressful aspect of tax time for many people. When you're ready to pay, there are a few options for fulfilling your tax obligation.
Ways to Pay
The IRS gives people three ways to pay: by check (or money order), over the phone, or online. If you’re paying by check or money order, be sure to make it out to the United States Treasury, not the IRS. Also be sure to complete form 1040V, the payment voucher, to submit with this check and your tax return.
Alternatively, you can use the Electronic Federal Tax Payment System (EFTPS) online or by phone to make your payment. It’s free, available 24/7 and let you schedule payments in advance. Visit EFTPS.gov and sign up to get started. If you e-file, you can also choose to complete a withdrawl from your savings or checking account (this is a service we offer for customers who e-file at our offices). Finally, you can also pay using your credit or debit card, no matter how you file your return. You can pay by phone, internet, or efiling. However, there will be a fee charged for those using credit or debit cards, charged by these third parties, not the IRS.
If You Can't Pay
We’ve already talked about options for what happens if you can’t pay all of your tax debt right away. But it’s worth mentioning what happens if you simply choose not to pay. Legally, the IRS must take action to collect outstanding tax debt owed. Future refunds, if you qualify for them, will be put toward you tax bill. The government may also file a lien against your property or seize your salary and/or accounts through a tax levy.
Finally, don’t forget to file an extension if you feel you won’t be able to gather all of your tax information and get your return completed by Monday, April 15th.
Remember that all of our Instant Tax Service offices will be open on the 15th to help you get your taxes filed on time.