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Don't panic, but take appropriate action to rectify the balance due.
If you do not know the amount, that is where we can help you with income tax form preparation and helping you know how the amounts due were calculated. Find all of your taxable income items first and then we can work with you on deductions that might reduce your balance due.
When you owe income tax, it is advised that you pay what you can now and attempt to catch up as soon as possible. There are possible late payment or late filing penalties as well as interest (now at much higher interest rates) that they will add on to any income tax balance owed. To minimize all possible penalties and interest, understand that April 15 is an important date each year for personal income taxes (even with an extension for filing the tax return paperwork) as penalties are higher after that date with late payment and late filing penalties. Your most important tax payment goal should be to catch up with income tax payments due by April 15 whenever possible. For additional information about making payment to the IRS, go to https://www.irs.gov/payments.
Colorado has online services available at:
Home | Department of Revenue - Taxation (colorado.gov)