What should I do if I cannot pay my taxes?
An example of an AI chatbot conversation about tax payment options when unable to pay.
I'm really stressed because I can't pay my taxes this year. What should I do?
It's understandable to feel stressed. First, don't panic. You have options like setting up a payment plan or applying for an extension.
What if I can't even afford a payment plan?
If a payment plan isn't feasible, you might consider applying for an Offer in Compromise, which allows you to settle your tax debt for less.
How do I apply for that?
You can apply for an Offer in Compromise by filling out Form 656 and providing financial information to the IRS.
Are there any penalties for not paying on time?
Yes, there are penalties for late payment, including interest on the unpaid amount. It's best to address it as soon as possible.
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