Can't Pay Taxes...What Do You Do?

#shorts
What happens if you can’t pay your taxes by the April 15 filing deadline?
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Do you simply not file your tax return?
Do you pay your estimated tax and not file?
Do you file your return and not pay?
Believe it or not the best thing you can do by April 15 is to file your federal and state tax returns… Even if you cannot afford to pay the tax due by the deadline!
Why?
The IRS assesses massive penalties on your balance due if you do not file your tax return on time.
But if you file on time and take a little bit longer to pay you are in much less trouble.
So when in doubt file your tax return pay the tax as soon as you can and consult with a tax professional to help you assess your tax filing and payment options.
#irs #taxproblems #taxtime #taxerelief

[@2lbssugar477]

Thank you for that. I started an LLC in..omg I think fall of 2021...I absolutely made no money in the business... I actually struggled trying to keep it open...I haven't filed yet ...I made no money though...what's your best advice for me on this?? Especially if behind...do I still wait for April 15th? Or just file now?

[@ChadPavelcpa]

File ASAP to slow the penalties and interest the irs and states charge you. Better to file and pay later than not file and not pay at all.

[@2lbssugar477]

@@ChadPavelcpa thank you