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I’m in a cash crunch and can’t pay what I owe in taxes right now…what can I do?
Okay so I’m in a bit of a short term cash crunch…
Basically, I have a $500 a month students loan payment, $500 I owe for taxes…and a payment of $4000 for my startup business (and I am under contract with that one) all due this month…
So simply put there is no way I can afford the $500 tax bill this month as I barely have enough cash to cover the other two big expenses…and as far as credit cards go…I have done my best to stay away from them, so I don’t have one as of now (I’m still fairly young)
Which is the best option?
1. File by tax day, then simply pay it when i get the money (I’ve heard a small amount of interest is charged)
2. File to pay the $500 in installments (a fee of $50-100 is charged).
Thanks in advance for the advice…
Call them, work out a payment plan. The worst thing you can do is nothing at all. You have to talk to them, you can’t not let them know what you plan to do.
Then do get a credit card, you will need one to set yourself up as an independent person, just make sure you never charge more than you can pay back at the end of the billing period.
You do that by deducting the charge from your checking account and then you have the money in the account to pay for it when the bill comes in.
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