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FOSTER CITY, Calif., March 16, 2021 /PRNewswire/ Americans are in the throes of tax filing season and some may be worrying about the ability to pay their tax bill. Personal finance site MoneyRates.com offers suggestions and guidance to those struggling to pay Uncle Sam. Taxpayers should not panic if they find themselves in this situation, stresses Gina Pogol, MoneyRates personal finance specialist. While it can be scary, there are several options available to satisfy the IRS bill.
Experts emphasize that regardless of the ability to pay, it is important to at least file on time. If not, file for an extension file first, angst later.
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December 28, 2020 8:36 AM newsfeedback@fool.com (Maurie Backman)
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December 30, 2020 8:57 AM
Most people who file taxes wind up getting money back from the IRS in the form of a refund. But what if you’re in the minority of people who owe money?
In 2019, nearly 8 million filers wound up with an underpayment on their hands, and that can make for a tricky situation if you don’t have cash at the ready to make the IRS whole. The good news, however, is that you do have some options for dealing with a tax bill you can’t cover in full or at all.