Managing and paying your taxes can be challenging, especially since tax laws change frequently. To keep in good terms with the IRS and your state tax agency, you should try to file as accurate returns as possible and pay your taxes when due if possible.
Generally, your tax debt is due by the filing deadline. Filing an extension does not change the date you need to pay by. If you cannot pay your entire amount due, you'll need to apply for an IRS payment plan. Applying online is simple and you will be notified right away if your payment plan is approved. Payment options include full payment, long-term payment and short-term payment plans. You may also be required to pay setup fees, penalties and interest. If you need to apply for another person, you may need to be assigned as their Power of Attorney.
If your business owes taxes due, you may be able to qualify for a long-term payment plan.
If you are behind in filing your tax returns, it is best to get caught up as soon as you can to avoid tax penalties, loss of refunds due, tax liens, interest changes and more. Even if you cannot pay in full, you should still file your back taxes.
E-filing is the preferred filing method. It is faster and easier for all parties; however, you can still file by paper. In the past, you could pick up tax booklets at the local post office or other government office. Nowadays, you may need to request IRS forms and publications directly from the IRS. You may need to have internet access to request paper forms. If you live in a rural area without internet access, a family member or friend can request the forms for you. Usually it will take longer to process your returns if you submit them by mail.
If you suspect that you are not withholding enough due to tax law changes or income changes, you can change your withholding amount at any time. Simply request a W-4 form from your employer and change the amount. You can even request that an additional amount is withheld per check if desired. For example, if you think claiming single and zero is not going to be enough, you may pay an addition amount per check to try to make up the difference. If you over-pay that extra amount will be paid back to you. If you do not have not enough withheld, you will need to pay the difference when you file.