ArcaMax

There is also the risk that if you use a credit card, you may not be able to pay off the balance quickly, which would then subject you to high interest rates in the future.

If you need more time to pay your tax bill or just can’t pay the full amount by April 15, the IRS says that most individual taxpayers can qualify for a payment plan, including:

Short-term payment plan: For no fees, the IRS may grant up to 180 days more to pay the bill for those who owe less than $100,000 in combined tax, penalties, and interest. You can request this plan through the Online Payment Agreement application.

Long-term payment plan (installment agreement): If you owe $50,000 or less in combined tax, penalties, and interest, you can pay in monthly payments for up to 72 months.

Payments may be set up using direct debit, a requirement for balances between $25,000 and $50,000. There is a $31 fee to set up a long-term plan, which may be waived if you are considered “low income.” If you choose not to use Direct Debit, the fee is $130. In either case, you will be on the hook for accrued penalties and interest until the balance is paid in full.

Given that it is the last minute, you might be prone to errors. Before you hit send, have you:

— Clearly printed your name, taxpayer identification number, and current address, including your ZIP code?

— Chosen only one correct filing status?

— Entered the correct dependent information and checked the box for the child tax credit or credit for other dependents?

— Did you (and your spouse) sign and date the return?

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(Jill Schlesinger, CFP, is a CBS News business analyst. A former options trader and CIO of an investment advisory firm, she welcomes comments and questions at askjill@jillonmoney.com. Check her website at www.jillonmoney.com)

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