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What to Do When Your Tax Bill is More than You Can Pay

When you can't pay your taxes

Taxes aren’t anybody’s idea of a good time and they become especially stressful when you know that you are likely not going to be able to pay your bill outright. We’ve talked before about some of the options that are available to you when you know that you can’t pay what you owe before your taxes are due. Today we’re going to help you figure out what to do when you’re staring at a huge bill from the IRS and feeling the edges of panic starting to take hold. Don’t Hide The IRS wants to get paid. More importantly, the IRS will always find a way to get paid. It might levy a judgment against you that will allow them to garnish your wages. If you are self employed, they might garnish your bank account. What matters here is that you cannot hide from your tax debt. This is not credit card debt—it won’t go away if you just stay off this debtor’s radar for a few years. In fact, the longer you duck your tax debt, the worse things are going to be for you. You could even wind up in jail. Seriously. Contact the IRS Before you can ...

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