If I can't pay my taxes now, should I still file on time?

[tianajoelle]

If I can't pay my taxes now, should I still file on time, by the October deadline? And does the system require me to make a partial payment at the time of filing (or at a nearby deadline)?

And if the system DOES require me to make a partial payment at the time of filing, how much is that payment typically? I would assume it would be a percentage of what's owed.

[KarriC · Accepted solution]

If you've filed an extension, yes, file by October 15 to avoid a Failure to File penalty.

If you have NOT filed an extension, please file as soon as possible to make the penalty less.
If you owe, the amount owed was due on April 15. Extensions don't give us extra time to pay, just to file.

Do pay as much as you can as soon as you can. This will help you with penalties and interest. The sooner it's paid, the less interest you will pay.

The IRS also has payment plans! Here's a link:

IRS Payment Plans

[Loretta P]

Hello tianajoelle,

Yes it is better to file now even if you are unable to pay with the filing.  This will stop the late filing penalties and interest from accruing.  If you are unable to pay when you file you can request to set up a payment plan with the IRS.

Can I set up a payment plan for my taxes? 

 Unable to Pay Your Tax Bill? Here’s What To Do

[VolvoGirl]

File NOW.  If you can’t pay then select you will mail a check.  Just know the IRS will send you a bill with a penalty and interest.