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1. You take your tax information to H&R Block on March 31 to do your tax...

1. You take your tax information to H&R Block on March 31 to do your tax return. The tax return they give back to you says that you owe $5,000 in federal taxes. a. What are your options for paying these taxes? b. What options do you have to avoid this scenario next year?

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Answer #1

a. The three ways you can pay the federal taxes are:

1. Additional time to pay - Based on current circumstances, you can requested some more time to pay full taxes. Generally you are granted time of 60 to 120 days more to pay full taxes

2. You can pay it in instalments by setting up an agreement on the payment website

3. You can pay your taxes by using debit/credit card or internet banking

b. The options to avoid it next year are:

1. Invest in 401(k) plan

2. Invest in retirement schemes supported by employer

3. Identify an capital losses that you have suffered and square if off with those capital losses.

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