As tax day approaches, accountants say your refund may be lower than you're expecting, and they also have advice for you if you can't afford your tax bill.
Your Unpaid Taxes Still Accrue Interest Even Though IRS Suspends Collection Notices. Here Are Some Payment Options to Consider
You'll accrue some interest on what you owe, but Seltzer says it's not too bad. And if you still don't have the money come October, you can go online and set up a payment plan with the Internal Revenue Service. Again, Seltzer says the interest rate is fairly low, so he thinks this is financially better than paying your bill with a credit card.
"People say, 'Should I get a credit card to pay my taxes?' If it's the typical 18%, the answer is no, because your combined late payment penalty and interest is less than 10%," explained Seltzer. Bottom line, Seltzer says the IRS is always willing to work with you. So no matter how bad your situation may seem - always file; the penalties for not filing are hefty.
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