Health & Fitness
What if you owe income taxes?
Another income tax season has passed. What do you do if you owe money and can't pay?
Brutal economic conditions have forced older experienced workers as well as young college graduates to collect unemployment benefits, draw money from their 401k’s, and accept 1099 income. An income tax liability makes this struggle tougher. If you find yourself any situation listed above this year, be sure to have federal and state taxes withheld.
If ever you cannot pay your income taxes, still file a tax return. Avoid penalties and fines for filing a late return. Then choose from several options to pay that tax.
- Visit the IRS Website to fill out an online payment agreement application
- Call the IRS at 1-809-829-1040
- Visit a local IRS office in Boston, Quincy or Stoneham
- Mail form 9465 to IRS Mail Stop 830 in Andover, MA 01810
- Wait to receive an IRS notice with an assessment, penalties and interest.
- Pay the amount owed with a credit card
Doing nothing or waiting to hear from the IRS is not a wise decision. Pay a small amount and explain to them why you cannot pay the full amount. Approach them before they reach out to you.
