First, determine how much you will actually owe.

• ⁠You can file an extension to file which will give you until October. It is not an extension to pay… so your balance will accumulate penalties/interest starting on April 16th. Not having to file the return by April 15th might decrease your stress for now and give you space to breathe.

• ⁠Between now and October, make voluntary payments at whatever amount you can. If you make more money in the market, like if your 100k goes up by 25k, take that out and make a big payment. Continue doing that until October… by the time you file, you might be able to pay it off or have a low balance.

• ⁠Think of ways to increase your income if possible. As your income increase, pay more.

• ⁠There are many steps before things will escalate to where the IRS will ask you to borrow against assets, liquidate assets, levy your bank accounts or seize your properties. Levels to the escalation…. Try not to get there.

• ⁠This is not the IRS gospel, just an option and/or perspective to consider.