The other 57% planned on owing Uncle Sam some money.
But what if you cant pay your taxes at all?
There are serious consequences for tax evasion.
Confused about filing taxes? Here are the2024 tax deadlinesyou should know.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you might easily return later.
Well keep it updated as offers changes or expire.
We have a few suggestions:
1.
Every little bit helps.
Just be understanding if they say no.
Unpaid personal loans can damage relationships.
Dont Miss:6 Companies That Send People Money When Theyre Asked Nicely
4.
Pay With a Credit Card
Using a credit card to pay your taxes isnota good idea.
However, in an emergency, its sometimes the only option.
Not sure where to start?
Weve ranked thebest personal loansto help you out.
For that, youll needForm 1127.
Payment extensions are rarely approved and challenging to apply for.
All it takes is one flashy purchase in the preceding months for the IRS to reject your request.
However, the amount they withhold from your paycheck depends on how you filled out your W-4.
), you should fill out a new W-4 with your employer.
If you are self-employed or run a side hustle, you must pay quarterly estimated taxes.
However, because its estimated, it is possible you will have underpaid.
That means you may owe more on Tax Day.
Check out our guide toindependent contractor taxesif you freelanced or started a side hustle in 2023.
What Happens If You Dont Pay Your Taxes?
Can you just not file?
The answer (and you probably knew this) is no.
No matter what, you should file your taxes every year.
The financial and legal ramifications of not filing taxes can be life changing and not in a good way.
For starters, youll owe interest on your taxes owed, plus penalties for late payment and filing.
), and the government can garnish your wages.
Eventually, you could face up to five years in prison for tax evasion.
There are two elements to consider when you cant pay your taxes: filing late and paying late.
Youll need to submit Form 4868 to get up to six additional months to file your taxes.
And once youve done that, why wouldnt you just file?
You will also owe interest on your penalty.
If Uncle Sam owesyoumoney and you miss the filing deadline, you wont be assessed any penalties.
However, hurry up and claim whats yours.
Typically, you have only three years to get your refund.
And you should exhaust every reasonable option you have to pay on time as well.
Note: There are two Failure to Pay penalties.
One is for failing to pay the amount shown on your tax return.
The other is for failing to report income and thus not paying the right amount.
The latter typically involves purposeful tax evasion, so well focus instead on the former scenario.
Like the Failure to File Penalty, this penalty tops out at 25% of the total tax debt.
In addition, the Internal Revenue Service charges interest on all unpaid taxes.
You will also owe interest on the penalty amount.
If you ignore IRS communications demanding payment, the IRS may issue a Notice of Federal Tax Lien.
No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
