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What if you don’t have the money to pay the tax?

The IRS will allow you to file an extension without paying the tax. You are still required to include an estimate of the tax due on the form. (The extension will not be accepted without this amount being entered.)

The late filing penalty will be waived provided your income tax returns are filed on the extended due date, which is October 17, 2022 for most individuals.

A late payment penalty of 1/2% per month will apply for any tax due not paid by April 18, 2022, unless at least 90% of the tax finally determined was paid by that date.

Interest will also be charged for the unpaid tax and can’t be waived. (The current rate is 6% for individuals.)

If a 2021 individual income tax return isn’t filed by April 18, 2022 and a valid extension isn’t filed by that date, the late filing penalty is 5% of the unpaid tax per month filed late, to a maximum of 25%. 

Contact Clergy Financial Resources to help you with the next steps.

Clergy Financial Resources
Tax I Payroll I Bookkeeping I HR
11214 86th Avenue N.
Maple Grove, MN 55369

Tel: 1 (888) 421.0101
Fax: 1 (888) 876.5101

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Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.

This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.

For more information or if you need additional assistance, please use the contact information below.

Clergy Financial Resources
11214 86th Avenue N.
Maple Grove, MN 55369

Tel: (763) 425-8778 
Fax: (888) 876-5101
Email: clientservices@clergyfinancial.com

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If you would like to learn more about our tax services designed for clergy or payroll, bookkeeping or HR designed for churches, please complete the request form to have an advisor contact you.

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