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Originally Posted by agnes23as
What If You Can't Pay the Taxes You Owe?
You still need to send a tax return on due day you will not going to jail but you will have to pay penetly and higher interest rate. You may feel embarsed but don't worry there are some action that you can take to remedy the sitation. Please consider to find money, whether you own $1000 or 1 million , the first thing you should do is to find possible sources to obtain money to pay your tax return. There are many option availalble to your such as home equity, credit card ( only consider this if you have low interest rate dont pay off your tax return with your credit card because credi some credit cards have high interest rate and in addition you will have to pay a fee of 2-3 percent because of convienice payment plus interest rate on credit card) so this is not good idea.You may also cashing out paid time off at work but this is also not good idea if you plan to take vacation but it better to pay off your tax and just move your vacation on your free time!
Consider Private loan from Prosper Community, these rate are attractive and you are borrow money from other people so you have the ability to repay them in installment payment up to 3 years Prosper community Prosper.com
Consider an Installment Plan
The government, just like anyone other lenders creditors would rather get the money over a period of time as opposed to not at all, so they do have an installment plan available when you can’t pay in full. To request an installment plan, you should use Form 9465 but make sure you fill out this application complete otherwise they will return your application . If you can't afford installment plan your finanal plan is OFFER IN COMPROMISE FROM IRS, this is in extreme circumstances , you need to file a Form 656 and add your financial statement with application fee of $150. Rembeber those offer are evaluated on case by case basic so you may not get approved.
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Simple, here in my country if you dont pay tax your, your furfather name will publish in newspaper. You will be shown on TV.