Don't overlook these!
Updated for 2012
You can request an extension from 30 to 120 days to pay your taxes, depending on your specific situation.
You can request an extension of time to pay using the Online Payment Agreement option available on the IRS's Web site.
The IRS may you to pay any remaining balance in monthly installments through an installment agreement.
If you owe $25,000 or less can apply for a payment plan electronically, using the Online Payment Agreement application.
Form 9465, Installment Agreement Request:
Alternatively, attach Form 9465 to the front of your tax return.
You must show:
The IRS charges a $105 fee for setting up an installment agreement.
The fee is reduced to $52 if you establish a direct debit installment agreement and $43 if you have an income below a certain level (for more information. Check out the application to reduce the user fee on Form 13844, Application For Reduced User Fee For Installment Agreements).
You're required to pay interest plus a late payment penalty on the unpaid taxes for each month or part of a month, after the due date that the tax is not paid.
If you don't file the return by the due date, including extensions, you may have to pay a failure-to-file penalty.
You can charge taxes on your American Express, MasterCard, Visa or Discover card.
To pay by credit card, contact one of the service providers at its telephone number or Web site listed below and follow the instructions.
Service providers charge a convenience fee based on the amount of tax you're paying. Don't add the convenience fee to your tax payment.
For more information about filing and paying your taxes, choose 1040 Central on the IRS's Web site or refer to the Form 1040 Instructions or IRS Publication 17, Your Federal Income Tax.
You can download forms and publications from the IRS's Web site or request a free copy by calling toll free 800-TAX-FORM (800-829-3676).
Copyright © 2008-2013 Larry Villano. All rights reserved.