April 15th is one month away.... that's right, after this Sunday you'll have less than one month to get your taxes done. This time of year a lot of people ask me, "What can I do if I can't pay?" First, relax. You're not alone.
Will I go to Jail if I don't pay my Taxes?
You cannot go to jail for not paying your taxes. No one in America can go to jail for owing money! Even if you owe it to the IRS. People have been jailed for not filing their taxes, but not for failure to pay them.
Can I Hide from the IRS?
That's a funny joke! No, you can't. If you don't file and pay in full the IRS computer system (Automated Collection System) will automatically send you a check for the balance due. This is where the interest and penalties start to add up.
But how can I pay if I have no Money!?
The IRS allows taxpayers to set up a payment plan to give them time to pay the full amount. Be careful though. If you owe more than $10,000, IRS employees will try to pressure you into setting up unaffordable installments. It is in your best interest to talk to a tax debt professional to make sure you find the right installment agreement for your budget.
Remember this: The government ranks at the top of the list of creditors that have to be paid. Any of your assets are fair game if the IRS does not get paid. If you try to hide your assets, that is known as fraud. And you can go to jail for that. Take care of Taxes first and foremost. And if you're scared and need backup, don't hesitate to hire a professional.