Can't pay your taxes? Don't panic — here's what to do investinyou (In partnership with acorns.)
For those who can't get their paperwork in on time, they can get an extension until Oct. 15. However, if you fail to file and don't seek an extension, you'll be slapped with a penalty of 5% of the unpaid tax you owe.
"It is far better to file an extension or file a tax return, even if you owe money and can't afford to pay," Pickering said. "You can work out your payment options after that."However, if you can't come up with the funds, go toThere is no setup fee for a payment plan of 120 days or less. However, you'll pay accrued penalties and interest until the balance is paid in full.
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