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April 13, 2009

What to do if you can’t pay your taxes

Posted: 09:18 AM ET

Business Correspondent Jennifer Westhoven

April 15th is coming right up.

Some people may be behind because they haven’t done the work, but others may be worried that they just can’t pay the bill!

It’s human to procrastinate, but you’ll only pay for it later. The most important thing is to tell the IRS that you’ll be late.

Why: On midnight after April 15th, the clock starts running, and you may have to pay heavy penalties and interest.

Plus, it’s easy. You can do it right from your computer. Click here for the IRS form.

The IRS says it understands that American families are in very tough times, with millions out of work. So it’s message is: Let’s work things out.

IRS Commissioner Douglas Shulman is due at the National Press Club later today to say what the IRS is doing to help those in distress – like giving IRS employees the flexibility to adjust or defer tax payments for some.

Questions? Leave them in the comments field below.

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Seth   April 14th, 2009 3:26 pm ET

Jennifer,
Tax season tough, sure. I have an idea : put daily taxes on the four million illegal imms, who have children citzens in country. Those four million illegal imms should pay extra taxes for their daily stays in America. This could amount to huge gains within the system.

martin   April 15th, 2009 9:20 am ET

how come the mainstream news is not covering the biggest tax rebelion in its history ( the TEA parties {taxed enoegh aready}) what are they afraid of?

Jack   April 15th, 2009 9:34 am ET

I would like to see a law passed to make these ear marks or pork spending of this nature illegal. If our represenatives want these things, introduce a bill and let it stand alone in the light of day ( as the president says) don't hide it in an important funding measures.

Wallace Ament   April 16th, 2009 8:07 am ET

A federal sales tax in place of income tax. Millions saved through reduced administrative & collection costs. No extra expense at tax time to do filing. I know, it is too simple for the government to understand.

lucas j   April 24th, 2009 11:02 am ET

hey jen.

Last month my annual rate on my credit cards jump form 14.25 to 19.25. I think that so unfair because i pay the bill on time. On one of my creidts card from 45 dollars to 72 dollart that I am pay to the company. Ony 48 dollars went to the amount i owe. So what i am saying that i am paying the 72 dollar to have the stupid card. i think somrthing should be done about these credit cars companies.

Lucas

jb1879   April 27th, 2009 6:09 am ET

I WOULD RUN FOR PUBLIC OFFICE !!

Melissa   April 27th, 2009 10:13 am ET

Subcontractors get the raw end of the deal. My husband is a Floor Coverer Installer who is forced to subcontract to get work so large companies don't have to offer health insurance or anything else. Our taxes are outrageous at the end of the year because only certain things are deductible. Our out of pocket medical expenses are crazy but fall just under the allowance to count as a deductible. We don't qualify for any assistance in hard times because the pretax income is always what's looked at. With the current economy, my husband, like many, is scrambling to find jobs and hoping to find work for even 2-3 days a week. We are barely making it and now with taxes!!!

Subcontractors will not be helped from this new stimulus spending! It's all going to create big jobs and projects which will be completed by Unions. Wow, and Unions were such a big supporter of Obama what an interesting coincidence!

The government taxes Subcontractors like big businesses with less of a safety net then illegal immigrants receiving free health services, etc. for contributing nothing. The Subcontractors of the United States are hard-working men and women who deserve a fair shake too!

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