The clock is ticking on tax time. You have less than a month left to file your tax return.
You can file for an extension but if you owe you still have to pay your taxes by April 15 or face penalties and interest.
"The one thing you don't want to do is just avoid it," says Gerri Detweiler, a personal finance expert at Credit.com.
If you ignore the tax bill you owe, the IRS can place a tax lien against you and that can have a ripple effect.
"That ruins your credit report, hurts your credit scores and it just makes it more difficult to get out," says Detweiler.
If you don't have the cash to pay what you owe, there are other options.
One could be just charging it to a credit card. That's not a great option, but if you have a low interest credit card, it might be all right.
You can also apply for an installment arrangement with the IRS. But before you can do that, you have to file your return, determine the largest monthly payment you can make and know that your future refunds will be applied to your tax debt until it is paid in full.
"The payments on an IRS installment agreement can be very affordable," says Detweiler. "The interest rate is low and it may be a way to at least know you are putting that tax debt behind you."
If you owe $50,000 or less, you can apply for an installment agreement on line at irs.gov. There are fees for setting up a payment plan.
Depending on your income level and how you want to make your payments, direct debit or payroll deduction, the fees range from $43 to $120 dollars.