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Jeremy's Financial Planning Blog

By Jeremy Vohwinkle, About.com Guide to Financial Planning

You Can't Afford to Pay Your Taxes - What Can You Do?

Thursday February 28, 2008
As March is all but upon us, many people have started to calculate their taxes for 2007. Whether you are doing them by hand, with software, or with the help of a professional, you will ultimately find out how much you owe, or how much of a refund you'll be receiving. Unfortunately, if you find that you owe, this money can be hard to come by in just a short six weeks. So, what do you do if you can't afford to pay your taxes?

First of all, don't waste another day. If you owe taxes, accept that fact and find out how much money you need to come up with. Even if you don't have the money, you still need to file your return on time if you want to avoid further penalties. Unfortunately, you also still owe the balance come April 15th, but you do have some options. Find out the best course of action to take when you can't afford to pay your taxes.

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