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What to do if you can't pay your taxes Posted on March 30, 2016

What to do when you can’t pay your taxes.

Tax tips from Oregon State Credit Union

Click image | All-purpose Loans Oregon State Credit Union

An All-purpose Loan
can be a good choice for
paying your taxes or
supplementing your refund.

Questions?

Call 800-732-0173

Visit:
A branch

Learn:
All-purpose Loans

Read:
Tax-time filing tips

If your tax bill is larger than you can pay comfortably, and you are uncomfortable applying to the IRS for a payment plan, you still have options.

Options for paying taxes when you’re short on cash

You could put it on a credit card if the interest you will pay on the card is less than the interest and penalties you would owe the IRS.

The same holds true for a loan; if the interest you will pay is less than penalties and interest assessed by the IRS, the loan may be a better option.

Critical: take action

Whatever choice you make, the most important thing is to take action.

Failing to deal with your tax bill will cause a problem that can grow exponentially worse over time. Penalties and interest for failing to file on time and failing to pay on time begin to accrue the day after tax filing deadline, and they add up fast.

By paying as much as you can – even if it is not the entire bill – you reduce the amount on which the interest is applied and limit the damage to your budget.

Oregon State Credit Union ©2017 Oregon State Credit Union

  • PO Box 306
  • Corvallis, OR 97339
  • Phone: 800-732-0173

Routing number : 323274270