| Running out of Time: Tax time is here again, and | | | | 1) You must prove to the IRS that although you |
| although you scrimped and saved to pay your | | | | did save money to pay for your taxes, you lost |
| taxes on time while things were going well- you | | | | your job and now you can't pay your taxes. |
| lost your job. With bills mounting and your | | | | Proving you made an effort is important. |
| unemployment check not cutting it, you know | | | | 2) You must prove that paying on time will cause |
| you can't pay your taxes on time. Don't Fret- as | | | | an economic hardship for you. Give them detailed |
| long as you have legitimate reasons why you pay | | | | information about basic your living expenses and |
| on time, getting more time to pay your taxes is | | | | show them how little you make in unemployment |
| a possibility! | | | | by comparison. |
| Big Relief: Lucky for you the- law is on your side! | | | | 3) You must agree to give the IRS security for |
| Most people don't know this, but there's a form | | | | the unpaid tax. This means the IRS will place a |
| you can file that will give you an Extension of | | | | Lien on you. It may sound like a bad idea- but if |
| time to pay your taxes. (Form 1127 "Application | | | | you were to just pay your bill late instead of |
| for Extension of Time for Payment on Tax"). It | | | | requesting an extension- the IRS would likely place |
| may be hard- but you can win the extension! | | | | a Lien on you anyway. If you have no assets, this |
| Steps to Salvation: | | | | will not apply to you. |