Keep in mind that everyone who pays taxes late will be assessed penalties and interest.
If you fail to file any tax return at all -- the worst possible choice -- you will be charged 4.5 percent interest from April 15 onward. If you file but are unable to pay the full amount owed, the IRS levies a fee of 0.5 percent interest on the balance until it is settled.
For those who fail to file and fail to pay anything at all, the penalty can be as much as 25 percent of what you owe.
Farmer sees this problem fairly often when clients sell a home, have not paid capital gains tax and suddenly owe $10,000 to $15,000 as a result.
The IRS does not always apply a penalty to late payers, though. Farmer has seen some owing $5,000 to $6,000 who escape it, while those owing $10,000 are more likely to pay a small penalty.
Coming Up With Cash
But where to quickly access funds?
"Borrow the money from the bank or credit cards, or even family or friends," says Daniel Henn, a CPA based in Rockledge, Florida. "You generally don't want the federal government as a creditor."
Henn's advice? Sell something such as stocks, bonds and mutual funds. Cash in a certificate of deposit or hold a garage sale.
As a last resort, you can withdraw funds from an IRA or 401(k), which has its own set of tax implications. Another option -- although it is far from ideal -- is to borrow against your 401(k). Most plans allow for a loan of up to 50 percent of your balance.
Generally, taxpayers with assets are best off with an installment agreement.