Can’t Afford 2012 Tax Bill? Three Best Tax Extension and Payment Options Detailed in Latest Report from GoBankingRates.com

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As taxpayers prepare to file 2012 taxes, many will come to the heart stopping realization that they owe the IRS money but can't afford to pay. The Web's premier resource for personal finance news and tips, http://www.GoBankingRates.com, offers readers facing this problem a guide to handling their tax bill when they don't have the funds due.

Tax Extension

Tax Extension

What is most important is that consumers file 2012 taxes regardless of whether or not they can afford the tax bill. The penalties for failing to file are much more severe than failing to pay.

While consumers are presently bombarded with messages about how to get a big tax refund, many taxpayers are dreading the April 15 tax deadline because they owe the IRS money – money they don't have. Go Banking Rates assists readers in solving this dilemma by providing a detailed guide to the options taxpayers who can't afford their taxes have for receiving a tax extension or working out a tax payment plan with the IRS, as well as tips on saving money to pay their bills in full.

The guide compiled by Go Banking Rates identifies the three best options for taxpayers who can't afford their tax bills. These options include requesting a tax extension, offering a reduced amount to the IRS known as "offer in compromise," or working out an extended tax repayment plan. The option that works best will depend on how much an individual taxpayer owes and how long it will take him or her to come up with the funds due. See the full list of options here.

The Go Banking Rates report also provides a guide to the proper forms taxpayers can use to file for their appropriate solution to paying 2012 taxes.

Casey Bond, managing editor for Go Banking Rates, advises, "What is most important is that consumers file 2012 taxes regardless of whether or not they can afford the tax bill. The penalties for failing to file are much more severe than failing to pay."

For questions about this report or to schedule an interview with a Go Banking Rates editor, please use the contact information below.

About Go Banking Rates

http://www.GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. Go Banking Rates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.

Contact:

Jaime Catmull, Director of Public Relations
GoBankingRates.com
JaimeC(@)GoBankingRates(dot)com
310.297.9233 x261

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