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Can’t Pay Your IRS Tax Bill? Options Are Available…

Taxpayers who can’t pay their tax bill by April 15th can ask the IRS about options for paying the tax bill.

The IRS says there are several options available.  This extension applies only to the filing deadline, not the payment deadline.

Taxpayers who can’t pay the full amount of taxes they owe by April 15th should file and pay what they can. Making a payment, even a partial payment, will help limit penalty and interest charges.

Payment options available through the IRS include:

  • Online payment plans.
  • Short-term payment plan – for amounts under $100,000.
  • Long-term payment plan – with a payment period of longer than 180 days, paid in monthly payments, and the amount owed is less than $50,000.
  • Offer in compromise – This could settle the tax debt for an amount less than you owe.
  • Penalty relief for those eligible