Credit: Kittiphan Teerawattanakul / EyeEm via Getty Images
Sponsored
For many Americans, tax season can be a headache for a number of reasons. Gathering relevant documents to prepare for an accurate filing is only half the battle. Actually paying your tax bill can be burdensome for many, especially if that bill turns out to be higher than expected.
What should a person do if their tax bill is more than they can afford?
First of all, do not ignore it! Penalties can be severe and it accrues interest. The IRS calculates underpayment penalties based on how much you owe and how late you are in paying. Penalties typically range from 0.5 percent to 25 percent of the amount due
If you cannot find the cash or credit from short-term borrowing like on a credit card, consider a payment plan with the IRS. There are several options depending on the amount of tax due and the terms you need to pay it off.
This tax advice is brought to you by our partner Jackson Hewitt.
Stephen Kates, Financial Analyst at Bankrate, joins to discuss the Fed’s 25-basis-point rate cut, inflation risks, and what it all means for consumers and marke
Big tech earnings take center stage as investors digest results from Alphabet, Meta, Microsoft, Amazon, and Apple, with insights from Gil Luria of D.A. Davidson
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
