IRS says there are options for those who cannot pay taxes - MSNewsNow.com - Jackson, MS

IRS says there are options for those who cannot pay taxes

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By Marsha Thompson - bio | email

JACKSON, MS (WLBT) - The Jackson IRS Office was packed Wednesday with last minute filers. Because of a tough economy, some simply cannot afford to meet their federal tax obligations this year.

IRS Field Assistant Florence Miles said there are options if you get busy quickly.

"What I would suggest is please, please, file your tax return as soon as possible, April 15th. Regardless of whether you have the money you owe," said Miles.

The filer's first option is to fill out a form online or you can pick up a form at the IRS office and file an extension.

And remember, an extension for time to file is not an extension to pay.

The IRS also said to fill out the 1040 form and send it in anyway, money or no money.

But even this will cost you a penalty.

"When you are filing late, it's one of our highest penalties is failure to file, and that's why we say file the return regardless. Penalties will accumulate until the balance is paid in full," said Miles.

Another option is to pay what you can tomorrow.  If you pay 90 percent of your tax liability by the extension deadline, the IRS said you will not be fined.

Uncle Sam is also willing to consider a hardship compromise by working things out for the recently unemployed or those having economic struggles.

The key is communication, not avoidance.

The government can smack you with liens and wage garnishments that can be brutal.

©2010 WLBT. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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