Are you struggling to pay your tax bill? Don’t panic – there are options! In this episode, we discuss the different ways you can pay your taxes, from having the payment withdrawn with e-filing to using a debit or credit card.
Mike Jesowshek offers advice such as how to create an IRS account and locate preferred vendors for payment processors. He explains what happens if you don’t pay the full amount on time – including interest and penalties, and how to avoid them.
He covers state payment options and shares his tips on where to help if you need it. Get all this helpful information and more in this episode of the Small Business Tax Savings Podcast.
Tune in now and learn more information on how to pay your tax bill and what happens if you don’t have the funds available!
[00:01] Options for Those Who Can Afford to Pay and Those Who Cannot
[06:36] Learn How to Handle Your Tax Bill When You Can't Afford to Pay
[14:28] Don't Get Stuck in a Tax Penalty Situation
[17:52] Closing Segment
“If you have both a failure to file and a failure to pay penalty in the same month, the failure to file penalty is reduced by the amount of the failure to pay penalty for that month.
So, it's going to be a combined penalty of 5% for each month. If after five months you still haven't paid, the failure to file penalty will max out, but the failure to pay penalty continues until those taxes are paid.” – Mike Jesowshek
Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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