A question that often comes up is, what should you do if you can’t pay your taxes or if you can’t pay your taxes on time? In this video, I’ll share some ideas on what to do along with minimizing potential penalties and interest.
First and foremost, make sure to file your tax return on time, which is generally April 15. If you think you’ll owe money, you might be tempted to delay filing until you have the funds, but this can result in a late payment penalty of up to 25% of the amount due…
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Do you have questions about What Do You Do if You Can’t Pay Your Taxes? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.