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Tax Guy: What to do if you can’t pay your taxes

As the filing deadline for last year’s 1040 looms ominously, you have two rational choices: Ship your 2018 return off by the April 15 deadline or get a filing extension by that date. This advice holds true even if you know you don’t owe any taxes — more so if you do but realize you can’t pay up on time.

‘But I know I don’t owe’

Let’s say you are certain there are no additional federal income taxes due for last year. Maybe you had negative taxable income or coughed up your share via withholding or estimated payments. Now you are missing some records; are too darned busy at work; or have some other convincing (to you) reason for putting off filing.

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