Your heart’s beating double time. You just got back from your tax preparer’s office (or just finished preparing your taxes yourself) and are now facing a huge tax bill that you have no way of paying. Don’t be afraid, panic or delay! Instead, the IRS advises you to do these three things instead.
Taxpayers who owe but can’t pay in full have several options for meeting their tax obligations. For example, you can use the Online Payment Agreement application on IRS.gov if you owe $50,000 or less in combined tax, penalties and interest to request an installment agreement and be immediately notified if the request is approved.
Additionally, taxpayers who can’t meet the filing deadline can request an extension of time to file. However, an extension of time to file is not an extension of time to pay.