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Hãy viết đoạn tóm tắt về nội dung bằng tiếng việt kích thích người mua: Owe the IRS Money? This CPA Shares 5 Tips to Help You Pay Your Tax Bill

Tax day is inching closer — and if you haven’t filed your tax return yet, it’s time to get started. But filing your taxes can be daunting, especially if you’re facing a hefty tax bill. 

This story is part of Taxes 2024, CNET’s coverage of the best tax software, tax tips and everything else you need to file your return and track your refund.

Whether your tax bill caught you by surprise or you need more time to pay it in full, you have options. I talked to Logan Allec, a certified public accountant and CEO of Choice Tax Relief, to find out what you should do in this situation. Here’s what he recommends.  

1. Don’t delay filing your taxes, even if you can’t afford to pay

Filing your taxes is required by law. And not doing so can result in even bigger problems than avoiding payment, Allec said.

“If you can’t pay, please file,” Allec said. “The penalties for not filing are more stern than the penalties for not paying.” 

There are two separate common penalties: the failure to pay penalty, which is 0.5% per month; and the failure to file penalty, which is 5% per month. Both max out at 25%, Allec said. But the failure to pay penalty can take years to max out, while the failure to file maxes at five months. Additionally, if your tax return is more than 60 days late, the minimum failure to file penalty is $435 or the balance of your taxes due, if less than that.

Avoiding your taxes could leave you in a worse financial position. It’s better to file and know what your tax liability is so you can work toward it. Plus, there are still a couple months left before taxes are due, giving you a bit of breathing room to save for your taxes or make partial payments.

Read more: Here’s What Could Happen if You Don’t File Your Taxes on Time in 2024

2. Set up an IRS payment plan 

If you owe state or federal taxes and can’t afford to pay one lump sum, the best bet is to set up a payment plan, Allec said. 

The IRS offers a short-term payment plan that lets you pay the debt in full within six months if you owe less than $100,000 in taxes, penalties and interest combined. There’s no fee to set up the plan, but keep in mind that penalties and interest will still accrue. You can set up the payment online.

“They don’t hand these hardship-based resolutions out like candy,” Allec said. “Many people are denied for them.” 

You may qualify for the Offer and Compromise hardship program, which lets you propose an offer to the IRS that will include all back taxes and penalties you’ve accrued. But it’s the hardest program to qualify for, Allec said. 

4. Don’t ignore the IRS

If you don’t set up an agreement with the IRS, don’t neglect their letters. This could indicate to the IRS that you’re refusing to pay, and the agency may take more drastic measures. 

If you’re receiving letters via certified mail, it’s best to speak with a certified public accountant, tax attorney, enrolled agent or tax debt relief specialist to settle the matter before the IRS does.

While a creditor has to go through court to get a money judgment against you, the IRS doesn’t, Allec said. For example, the IRS can enforce an act of collections that gives the power to garnish your wages or pull money directly from your bank account to cover your tax balance. If you own your home, you may also face a Notice of Tax Lien at the federal or state level. In this case, the IRS can actually seize your property to pay your tax debt.

More tax advice

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