What to Do If You Can?t Pay Your Taxes

The end of tax filing extensions is quickly approaching. What do you do if you can't pay the amounts you owe? You should still file your return by the due date and pay as much as you can. There are, however, additional steps that might help.

Credit Cards

You can charge your taxes on your American Express, MasterCard, Visa or Discover cards. If you go in this direction, you can use either of the following two sources:

Official Payments Corporation
1-800-2PAY-TAX (1-800-272-9829)
www.officialpayments.com

Link2Gov Corporation
1-888-PAY-1040 (1-888-729-1040)
www.pay1040.com

If a credit card is out of the question, you may be able to pay any remaining balance over time in monthly installments through an installment agreement. If you are completely wiped out and the future looks grim, you may also want to consider getting the tax amount reduced through the Offer in Compromise program.

To apply for an installment payment plan, fill out and attach Form 9465 to the front of your tax return. The IRS has streamlined the approval process if your total taxes (not counting interest, penalties or other additions) do not exceed $25,000 and can be paid off in five years or less. Be sure to show the amount of your proposed monthly payment and the date you wish to make your payment each month. Make absolutely sure you can make the payments.

The IRS charges a $43 fee for setting up an installment agreement. You will also be charged interest plus a late payment penalty on the unpaid taxes. The late payment penalty is usually one-half of one percent per month or part of a month of your unpaid tax. The penalty rate is reduced to one-quarter of one percent for any month an Installment Agreement is in effect if you filed your return by the due date (including extensions). The maximum failure to pay penalty is 25 percent of the tax paid late.

If you do not file your return by the due date (including extensions), you may have to pay a penalty for filing late. The penalty for failing to file and pay timely is usually five percent of the unpaid tax for each month or part of a month that your return is late. The maximum penalty for failure to file and pay on time is 25 percent of your unpaid tax.

In Closing

The IRS wants you in the system, even if you're broke. Whatever you do, file your tax return in a timely manner. Once filed, the IRS will work with you on payment issues. Don't get stressed. Keep in mind that millions of Americans have the same problem.

Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.

In The News:

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How the tax rate cut will impact earnings of top listed companies  Business StandardThe cut in corporation tax will give a one-time boost of 13.2 per cent to corporate net profit and earnings per share of India's top listed companies that are paying ...
Corporate tax cuts: Stocks that gain the most  BusinessLineEarnings growth for India Inc, which has been on first gear in recent times, is all set to receive a boost from lower tax outgo, with the reduced corporate tax rates.
India's corporate tax rate now equals Singapore's after latest cut  LivemintIndia's reduction in the corporate tax rate to among Asia's lowest was welcomed by investors as a boon that may help spur economic growth and company profits ...
Tax cut gives PM Modi perfect pitch to win US investments  LivemintNew Delhi: Prime Minister Narendra Modi arrived in the US a day after delivering a $20 billion tax-cut stimulus for companies, which strengthens his pitch to ...
Booster shot: Corporate tax is cut; now cut personal taxes  Times of IndiaThe headline corporate tax rate was cut yesterday through an ordinance by eight percentage points, to 22%. It's a bold step that seeks to unleash animal spirits ...
Bank stocks seen top beneficiaries of corporate tax cut  LivemintIndia's bank stocks will be the biggest beneficiaries of Prime Minster Narendra Modi's move to slash the corporate tax rate to among the lowest in Asia, according ...
Nifty, Sensex soar nearly 6% as government cuts taxes to prop up growth  India TodayIndian shares surged nearly 6% and were set for their best day in more than a decade after the government announced deep cuts in corporate taxes to revive ...
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Corporate tax cut to benefit FMCG, banking sectors; pharma, IT to remain untouched  Business TodayThe immediate benefit of corporate tax cut is increased cash flows to corporate India that will be either channelised into debt reduction or incremental ...
These 20 Nifty 50 companies pay more than 30% tax rate; time to buy?  Moneycontrol.comAny company paying 33% tax rate will see its earnings go up by 12%. Overall, Nifty earnings going up by ~5-6% in FY20.
Direct tax collection picks up  BusinessLineBut it is still far short of the targeted 16% growth rate in mop-up for the full year.
​Corporate tax cut for domestic and new domestic manufacturing companies: FM Sitharaman announces  Economic TimesThe government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a lower rate to 17.01 per cent ...
Many top firms actually pay less than 25% tax  Times of IndiaIndia Business News: An exemption-free tax rate of 22% — 25.17% including cess and surcharge — sounds attractive, but an analysis of the tax liability of firms ...
S&P Global says Modi govt's corporate tax cut move 'credit negative', will widen fiscal deficit  Business TodayRating firm S&P Global said on Friday India's move to cut corporate tax rates was a "credit negative development" despite potentially boosting the economy as it ...
New National Centre for Exclusive Work of Income Tax E-assessment to Open Soon in Delhi  News18New Delhi: A national e-assessment centre (NeAC) will be set up in the national capital as part of the government's ambitious plan to launch faceless and ...
Tax cuts to boost industry; now need to focus on spurring demand: India Inc  MoneycontrolIndustry leaders from diverse sectors such as manufacturing and services expect the reduction in corporate tax rates to create a positive impact on the economy, ...
Reduced corporate tax rates likely to bode well for consumer goods firms  LivemintThe government slashed the basic corporate tax rate to 22% from 30% benefitting companies, while for new manufacturing companies it has been cut down to ...
Bankrupt companies take indirect tax department to court over GST software not being in sync with IBC  Economic TimesMUMBAI: Several companies in administration have dragged the indirect tax department to court over the Goods and Services Tax (GST) software, which they ...
Corporate India’s tax burden may come down by 18%  Economic TimesMUMBAI: The corporate tax rate has hovered between 25% and 29% since FY14 at the aggregate level for a sample of 167 companies from the BSE 200 index ...
It's High Time Someone Studied Marijuana Taxes—So We Did  The National Interest OnlineOur study also suggests that health officials need to work around medical marijuana users who circumvent taxes faced by recreational users.
E-assessment scheme for faceless scrutiny of income tax returns notified  Economic TimesThe finance ministry has notified the e-assessment scheme 2019 for conducting faceless scrutiny assessment of income tax returns (ITR). The scheme involves ...
Corporate tax cut 'surgical strike' on negative sentiments in economy: Analysts  Moneycontrol.comThe reactions came as the government on Friday slashed the income tax rate for companies by almost 10 percentage points to 25.17 per cent and offered a ...
Top 1,000 listed firms may see tax savings of Rs 37,000 crore post corp tax cut: CRISIL  Economic TimesNEW DELHI: CRISIL Research on Sunday said top 1,000 listed companies could see tax savings of Rs 37,000 crore on account of the corporate tax cut.
Corporate tax rate cut is chemotherapy for cancer that was being treated with Crocin: Niranjan Hiranandani |Full Coverage  India TodayWelcoming the government's move to slash corporate tax rates for domestic companies, business tycoon Niranjan Hiranandani compared it to chemotherapy for ...
Advance tax mop-up posts dismal growth, rises by just 6% in H1FY20  Business StandardThe tax authorities are faced with a steep revenue collection target for 2019-20, with advance tax mop-up posting dismal growth in the first half of the financial ...
'Corporate tax cut will boost earnings by 15-20%; HDFC Bank, ONGC, M&M among 20 cos to benefit the most'  Moneycontrol.comWe expect a 10 percent jump in the Nifty50 and other broader indices based on changes in earnings estimates, and the up move in select high tax-paying ...
Finance ministry's move to lower corporate tax will help broaden tax base and reduce distortions in system  FirstpostYears before Finance Minister Nirmala Sitharaman's major announcement to slash corporate tax, the late Arun Jaitley — Union finance minister in 2016 — had ...
Lower income tax rates likely in direct tax code regime, hints CBDT member  The Financial ExpressThe Centre's gross tax buoyancy more than halved to 0.7 in FY19 from 1.5 in FY17, proving the above-trend surge in tax mop-up post-demonetisation was ...
Corporate tax rate cut to spur demand for warehousing, commercial real estate  Moneycontrol.comWith the government slashing corporate tax rate to 25.17 per cent, real estate experts said that the move is expected to have a positive impact on the sector and ...
Corporation tax rate cut to simplify tax administration, reduce litigation  Business StandardIt is not surprising that with the economy in the grip of a slowdown, the finance minister had to show action and demonstrate intent. What is surprising, though ...
President Kovind clears ordinance to amend Income Tax Act  LivemintNEW DELHI : The President Ram Nath Kovind on Friday cleared an ordinance to give effect to amendments in the Income Tax Act, 1961 and Finance Act, 2019.
GST Council to opt for just minor tax tweaks  LivemintGOA : India's federal tax council is likely to ignore the rising chorus for tax relief at its Friday meeting and make only minor tweaks instead as a revenue shortfall ...
Still waiting for income tax refund? You might have made this mistake  LivemintSeveral taxpayers have complained that although their ITRs have been processed yet they are yet to get tax refund.From this year, the income tax department ...
Yogi pitches UP as top beneficiary of tax cuts, US-China trade war  Business StandardHailing the recent tax cut by the Centre to revive domestic economy as “bold and historic,” chief minister Yogi Adityanath on Sunday claimed Uttar Pradesh ...
Mobile phone industry welcomes tax cut, says policy boost could production to $190 billion target by 2025  MoneycontrolThe mobile phone industry has reason to cheer as the Finance Ministry's tax cut and policy initiative is set to help boost production to $190 billion by 2025, ...
Govt cuts corporate tax: How it will benefit Indian economy, markets  Economic TimesIt was early Diwali on Dalal Street after Finance Minister Nirmala Sitharaman on Friday unveiled a bonanza for Indian companies as she slashed tax rate for ...
Rob the poor, reward the rich: AIMIM chief Asaduddin Owaisi on corporate tax cuts  Moneycontrol.comAIMIM president Asaduddin Owaisi hit out at the Centre's move to slash corporate tax on September 20, wondering whether it was the working people or ...
After 40 years, UP ministers to start paying income tax  Economic TimesYogi Adityanath has asked ministers to start paying their own income tax, ending the four-decades-old practice.
A wealth tax could totally remake charity in the United States  Vox.comIn the past year, a massive, predominantly left-wing backlash to mega-philanthropy has broken out. Writers like Anand Giridharadas, Rob Reich, and Rutger ...
Income tax department issues warning against this fake SMS  LivemintThe income tax department has warned against a fake SMS doing the rounds.You should never click on such links sent in SMSes as it could be a phishing trap.
Will Retirement Taxes On Roth IRAs And IRAs Impact You?  ForbesIn this third article of my series on traditional IRAs and Roth IRAs, I provide comparisons to show the dynamics between these two retirement savings options in ...
Auto Industry Reacts To Finance Minister's Proposal To Reduce Corporate Tax  Car and BikeThe Finance Minister has announced reduction in the corporate tax rate to 22 per cent from 30 per cent, while new manufacturing companies or companies ...
Corporate tax cut can translate into price discount of maximum 5 per cent, say industry veterans  Business TodayIndustry stalwarts welcomed the corporate tax cut announced by the finance minister on Friday but felt that it could have done much before. At the India Today ...
Opinion | FM’s move a boost for India’s tax competitiveness  LivemintIt's now over to India Inc to utilize the extra cash flow through this tax savings bonanza.
Finance Minister announces new tax refund scheme, easy credit to boost exports  Economic TimesFinance Minister Nirmala Sitharaman Saturday announced a slew of measures to boost the economy, including a new scheme to refund taxes and duties on ...
View: Corporate tax cut - A step towards global competitiveness  Economic TimesIt will be prudent to temper euphoria with scepticism. People are unlikely to rush to car showrooms to buy their favourite vehicle just because Indian companies ...
Corporate tax rate cut impact: Move will help draw attention of foreign investors, says IIFL's Jonathan Schiessl  Moneycontrol.comThe cut in corporate tax and removal of additional surcharge on capital gains made by FII and domestic investors bode well for the Indian market, said Jonathan ...
OPINION | Reduction in Corporate Tax Rates: Undoing the Mistakes  News18Finance minister Nirmala Sitharaman has announced major relief to corporate sector and addressed the long-time demand of reducing the tax rates.
Uttar Pradesh not only state where state exchequer pays income tax for CM, ministers  MoneycontrolThe state exchequer has been bearing the tax burden of the chief minister and council of ministers of Uttar Pradesh since the last 40 years, under the Uttar ...
Tax cut for new plants to lure MNCs looking beyond China  Economic TimesNEW DELHI: With a lower tax rate for new manufacturers, the government is looking to attract investment flowing out of China following its trade dispute with the ...
Corporate tax cut can translate into maximum of 5 per cent product price reduction, say industry veterans  India TodayIndustry stalwarts at the India Today Conclave Mumbai 2019 welcomed the corporate tax cut but felt that it could have done much before.
The US Chamber of Commerce released a report slamming taxes on Wall Street like those proposed by Bernie Sanders and Kamala Harris  INSIDERThe US Chamber of Commerce's Center for Capital Markets Competitiveness released a new report detailing how financial transaction taxes would hurt US taxp ...
Corporate tax cut: Uday Kotak, Kiran Mazumdar Shaw, Ajay Piramal, others welcome 'bold move'  Business TodayCorporate tax cut: Kiran Mazumdar Shaw said that the move will revive growth and investment, while Uday Kotak called it a bold and progressive step forward.
Global tax authorities discuss targeting multinationals with profit margins above 10%  The Japan TimesUnder their new rules, global taxation authorities have been discussing a proposal of targeting digital giants and other multinationals whose profit margins top ...
Amid tax euphoria, fiscal slippage concerns  LivemintThe yield on the 10-year government bond closed 15 basis points higher on Friday, its biggest jump in nearly nine months, due to concerns over fiscal slippage, ...
If you hit the $227 million Mega Millions jackpot, here's what you'll pay in taxes  CNBCWhile the odds are stacked against players scoring the jackpot — your chance is about 1 in 302 million — the IRS is always a guaranteed eventual winner.
Effective tax outgo falls by 28% for biggies, by 13% for smaller firms  Economic TimesNEW DELHI: Bigger companies are set to benefit more from the corporate tax cuts as the effective tax for them will come down by up to 28 per cent. Smaller ...
Indias corporate tax cuts credit negative, will widen fiscal deficit: S&P  Business StandardRating firm S&P Global said on Friday India's move to cut corporate tax rates was a "credit negative development" despite potentially boosting the broader ...
View: Sitharaman's corporate tax cut move is a sixer for sentiment, but a four for the economy  Economic TimesWith the loan melas and the corporate tax cut, the government has addressed the short-term sentiment problem. The stock markets have responded with joy and ...
Revival in auto sector may be round the corner with the corporate tax cuts  LivemintVehicle prices may come down significantly following cut in corporate tax.Auto firms looking to make in India will have to pay an even lower tax rate of 15%, ...
Exclusive | Deepak Parekh on corporate tax cut: 'It is a great boon'  Moneycontrol.comIn an interaction with Moneycontrol, Deepak Parekh, Chairman, HDFC, spoke about how the corporate tax rate cut could revive investments and market ...
Income tax department relaxes time for applying for compounding of offences  LivemintNEW DELHI : The income tax department has relaxed time for applying for compounding of income tax offences by launching of a one-time facility. The Central ...
New corporate tax rates give companies flexibility to choose between tax structures: Seshagiri Rao, JSW Steel  Moneycontrol.comDepending on its capex cycle, a company can choose between existing tax rates with payment of MAT or, the reduced corporate tax.
FM’s tax cuts a calculated risk  Deccan HeraldFinance Minister Nirmala Sitharaman's decision announced on Friday to give away tax revenues worth Rs 1.45 lakh crore in the form of reduction in corporate ...
Corporate tax rate cut a long-term positive, will have chain effect: Rajat Rajgarhia, Motilal Oswal  Moneycontrol.comThe government's move of slashing corporate tax rate will have a chain effect and bodes well for the market in the long term, Rajat Rajgarhia, Managing Director ...
Corporate leaders hail cut in tax rate; say will boost economy, manufacturing  Times of IndiaIndia Business News: NEW DELHI: Industry leaders on Friday hailed the government's move to slash corporate tax rate for companies.
New Income-tax law – third time lucky?  Moneycontrol.comHimanshu Parekh. The current Income-tax Act, enacted in 1961, is nearly six decades old. With time, there have been a plethora of amendments making it a ...
Tax cuts: SBI pegs India Inc's saving at Rs 50K cr; prices falling 2-5%  MoneycontrolThe government unexpected move to massively slash corporate taxes by over 10 percentage points will result in savings of over Rs 50,000 crore to India Inc, ...
Companies will have the leeway to cut prices: Maruti’s Bhargava on tax relief  Livemint'Companies will now have the leeway to become more competitive in the market place'.'They can (if they want to) reduce prices or use any other measure to the ...
Exclusive: Bold move, will help economy, RBI Governor Shaktikanta Das reacts on corporate tax rate cuts  India TodayReserve Bank of India Governor Shaktikanta Das praised the government for its "bold" move to slash corporate tax rates in a bid to boost the ailing Indian ...
Exemption from share buyback tax major relief to IT bigwigs  Economic TimesThe government, as part of the Budget, had announced a 20 per cent tax on share buyback by listed companies.
FMs tax cuts: Reduction in MAT to benefit IT companies in Gift City  Business StandardCompanies providing IT-enabled services in Gift city will benefit following today's announcement on the reduction in Minimum Alternative Tax. Union Finance ...
Burden of corporate tax cut will fall on common man: Congress  India TodayCongress Party has said that the burden of corporate tax cut announced by Modi Government on Friday will fall on the common man. Party spokesperson ...
Tweet Buster: Tax cut bigger than last 20 Budgets; midcaps to rise 25-35%  Economic TimesNEW DELHI: The corporate tax booster dose from Finance Minister Nirmala Sitharaman was history in the making and market reponded it in a similar fashion.
Corporate tax cut signals govt's shift towards radical reform; move ranks topmost among steps taken to...  FirstpostNirmala Sitharaman's bold move on corporate tax cut signals shift from baby steps to radical reform, precisely what the economy needed.
Cut in corporate tax will help to revive the economy over the next few quarters: Experts  Economic TimesThe slew of measures announced by Union finance minister Nirmala Sitharaman on Friday to revive investment in the country including a cut in corporate tax will ...
Taxing wealth at lower rate than income is wrong, says thinktank  The GuardianThe government could gain £90bn in extra revenue over five years if it taxed income from wealth in the same way it taxes income from work, according to a ...
Opinion | You may not get tax refund if you haven’t validated your bank account  LivemintHave you received your refund for the income tax return that you filed last year? If you have still not received it, that's probably on account of the fact that there is ...
Why bond mart turned bearish after corporate tax cut  Economic TimesMUMBAI: India's benchmark bond yield surged 24 basis points, pulling prices down, after finance minister Nirmala Sitharaman announced cuts in corporate ...
Too many taxes, anti-rich mindset need to go for economy to be back on its feet  Times of IndiaThe economy is in bad shape. There is no more debate about it. With a second innings of a super-stable government, we should be looking at a double-digit ...
Good news for banks, earnings to rise up to 12 per cent after tax cut  The Financial ExpressRajiv Mehta, lead analyst-institutional equities, Yes Securities, said that the direct benefit of the massive tax cut would be to the extent of around 15% on ...
Nirmala Sitharaman press conference highlights: Corporate tax relief to help stabilise economy, says Tech Mahindra's Gurnani  Moneycontrol.comAddressing her fourth press conference to revive the economy, the FM announced a cut in the corporate tax rate for domestic companies and new domestic ...
In Pics | Here's what RBI Governor, business leaders said about FM Nirmala Sitharaman's corporate tax cut  Moneycontrol.comFrom RBI Governor Shaktikanta Das to HDFC Chairman Deepak Parekh, here's who India Inc reacted to Finance Minister Nirmala Sitharaman's announcement ...
Google will pay over $1 billion after French investigation over dodged taxes  The VergeGoogle has agreed to pay a $550 million fine to settle an investigation in France over its tax practices, Reuters reports.
‘Tax cuts may not boost investment’  The HinduWhile corporate India is cheering the cut in tax rates, announced by the government, economists are saying mere reduction in levies will not result in increased ...
Government to tweak Income Tax Act, won’t replace it with direct tax code  MoneycontrolNEW DELHI : The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to ...
Opinion | It’s time for a direct tax regime that’s growth-focused and fair  LivemintA more efficient direct tax system can create space for a lower and less complicated GST that could boost economy activity.
New income tax rule on insurance maturity proceeds: 5 things to know  LivemintThe new income tax rule on receipt of maturity benefits from insurance policy came into effect from 1st September.A higher TDS will be levied if the insurance ...
Tax cut seen making domestic firms more competitive globally  LivemintMove to tax new manufacturing firms set up after 1 Oct at 15% is expected to strengthen the MSME sector.The move is likely to help the Centre achieve the target ...
Income tax benefits on costs of education under Section 80E to Section 80  LivemintThe Income Tax Act allows tax benefits for a loan taker for higher education when certain conditions are met.Tax benefits have been laid down under Section ...
Tax task force recommends new tax slabs for individuals  Economic TimesNEW DELHI: A government constituted Direct Tax Code task force, headed by CBDT member Akilesh Ranjan, is arguing for a new tax regime for individuals.
India GST panel likely to recommend tax cuts on 20-25 products - sources  Economic TimesThe panel, comprising state finance ministers and the federal finance minister as the chair, will shortly meet to decide on reducing tax rates to boost growth.
Is interest paid on foreign home loan tax-deductible in India?  Moneycontrol.comInterest on housing loan paid outside India can be claimed as a deduction in calculating income from house property, only if some important conditions are met.
Rahul links tax cuts to Narendra Modi’s U.S. visit  The HinduWhat is needed is a large dose of public investment to create employment and increase people's purchasing power, says CPI(M)
7 changes in income tax laws that come into effect from Sept 1  Economic TimesHere is the list of the seven main changes in tax laws that will come into effect from September 1.

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