What Happens When You Can't Pay Your Taxes?

Author: External Author | Jul 07, 2021 | Categories: Accounting Firm , Business Consulting , Business Set-Up , Corporate Tax Preparation , CPA , IRS Audits and Notices , IRS Representations , Payroll Services , Personal Tax , Small Business Accounting , State Notice issue , Tax Planning , Tax Services

What happens if do your return and find that you can't afford to pay your taxes? ou're supposed to pay income taxes gradually throughout the year so that in April you won't owe very much or even be entitled to a refund of overpaid taxes. Employees generally have income tax withheld by their employers and paid on their behalf, while self-employed taxpayers pay quarterly estimated taxes directly to the Internal Revenue Service (IRS).

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Original Article Source Credits: Investopedia, https://www.investopedia.com

Article Written By: Amy Fontinelle

Original Article Posted on: May 12, 2021

Link to Original Article: https://www.investopedia.com/financial-edge/0312/what-happens-when-you-cant-pay-your-taxes.aspx