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Tax Day is coming up quickly, so dont let what you owe throw a wrench into your budget.
IRS Options
Lets start with some options from the IRS.
Its important to keep in mind you may face a setup fee and accrued penalties and interest.
Settle What You Owe for Less
You may also look into theOffer in Compromiseprogram.
You must give the IRS a detailed explanation and document how it would impact you.
Fast Cash Options
Lets say the IRS options dont work for you.
What can you do to pay for the larger-than-expected tax bill as a retiree?
Tap Into Savings
Your first step may be toconsider using part of your emergency fund.
You could tap into the fund to pay at least part of what you owe.
Look at All Potential Money Sources
you could also look into other sources of money.
Take Out a HELOC
You may also consider taking out a home equity line of credit.
Get a Side Gig
Another option could be some part-time work.
You couldsnag some gig work or a temporary joband save money to put toward the tax bill.
It may work best for you to get work that only requires nights or weekends.
If you decide to borrow from a relative or a close friend, confirm you get everything in writing.
You want to lay out the payment and interest plan in detail in order keep careful records.
Caitlyn Moorheadcontributed to the reporting for this article.
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