Tips for those who can't afford to pay taxes

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Tax Day is finally here, which means panic for those who haven't filed yet, especially those who can't pay what they owe.

No matter what your situation, make sure you get that tax form in before midnight. If you don't file, you get hit with a penalty for not-filing and they will only run up the bill.

There are a number of options if you can't pay Uncle Sam your entire tax bill. Let's run down three of them.

Option 1: You can charge it. The IRS accepts payment via the major credit cards. The IRS doesn't charge a fee for this, but the companies who process the transactions normally tack on a convenience fee, normally around 2 percent of the amount charged.

And of course, you'll pay interest on that charge if you carry a balance. So this is a costly option. But at least you get the IRS off your back.

Option 2: Request a payment play from the IRS. Yes, the IRS, in many cases, will let you pay off your tax obligation over time. you must be current on filing all of your tax returns to request a payment plan. the interest rate is variable, right now around 4 percent. Not bad.

Option number 3: Apply for what's called "currently non-collectible status." That means you have no way to pay your taxes right now. You have to fill out a form, proving to the IRS that you because of extraordinary financial circumstances, you need to put your tax bill on hold for a year. This isn't easy to get. And it's an expensive option because the interest and penalties keep getting added.

For more information:

Filing Late and/or Paying Late

Online Payment Agreement Application