Once the Federal Tax Return preparation has been completed and you find that you owe taxes and can not afford to pay it, contact the IRS at 1-800-829-1040 and request an installment agreement. They will set up a payment plan and mail out the paperwork for you to sign. You even get to choose the monthly payment day as long as itís between the 1st and the 28th. Or download Form 9465 from the IRS website and mail it in. You will receive a response within 30 days. You do have the option of filing an extension using Form 4868. Regardless of which one you choose, donít blow it off! The penalty for not filing is 5% per month up to a max of 25% of balance due. Did you know you could file an extension and pay taxes at the same time? There are two IRS-approved credit card services. One is Link2Gov offering extension payments and the other is called Official Payments. There is a 2.49% convenience fee for using either service.
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