The Income Tax deadline is coming up in about a month and even you have until April 17th to file, you need to start preparing your taxes if you have not already. For most of you LWLers, you will be filing a 1040 with schedule C.
I just ran across an excellent article by Joyce Rosenberg advising small business owners on what to do about paying income taxes if you don't have the funds.
1) If you have to file an extension, then you still have to estimate your tax liability and report it to the government. So it may be better to bite the bullet to file since you still have to have a good idea of how much taxes you owe.
2) You can set up an installment payment plan with the IRS. If you are going to go that route, you will need to file Form 9465 and there is an administration fee of $105.
3) To prevent this from happening next year, work on better cash management and set aside for tax payments throughout the year.