IRS tax season is coming to an end: what to do if you can't pay your taxes.
- Masters Tax
- Apr 4
- 2 min read
The April 15 deadline for filing tax returns with the Internal Revenue Service (IRS) is approaching, and if you think you won't be able to pay your taxes by then, it's best to file your return or request an extension. That's the main advice from tax experts.
"The IRS wants to work with you," said Tom O'Saben, director of tax content and government relations at the National Association of Tax Professionals. "But if you're asking the IRS for help, they need to know something about you. So the first step is to file that return. The bottom line is that owing money isn't a reason not to file," he clarified.
If you don't file a return or request an extension, then interest and penalties will begin to accrue immediately. Those costs are largely avoidable if you share information about your circumstances with the IRS in a timely manner. Filing a return without paying the taxes owed in full is preferable to not filing at all.
It's important to understand that if you don't pay all the taxes you owe by the April 15 filing deadline, interest will accrue even if you've been granted an extension until October. But that interest will be more manageable than the fees that accrue when you don't pay taxes at all.
If you don't file a return or request an extension, then the interest and penalties will begin accruing immediately. These costs are largely avoidable if you share information about your circumstances with the IRS in a timely manner. Filing a return without paying the taxes owed in full is preferable to not filing at all.
It's important to understand that if you don't pay all the taxes you owe by the April 15 filing deadline, interest will accrue even if you've been granted an extension until October. But that interest will be more manageable than the fees that accrue when you don't pay taxes at all. I didn't file my taxes last year. Now what?
Okay. Start now.
"I've been in the tax field for over 35 years," O'Saben noted. "The number one reason people don't file their taxes is that they have a feeling they might owe—which could be wrong—and they don't want to deal with it. But it's not a problem that's going to go away. So tell the IRS the truth about the situation. And they'll work with you."
Miklos Ringbauer, a CPA and tax professional in California, agreed. "It's perfectly understandable," he observed. "The IRS deals with every taxpayer. They've dealt with things like this before. There's nothing they haven't seen."
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