The IRS (Internal Revenue Service) allows taxpayers to pay their tax liability online. However, this is not the only option American workers have. For example, cash is another payment method.
Paying your taxes by phone is becoming more popular since millions of taxpayers already have smartphones and Internet access. Checks and money orders are the two last payment options you could opt for informs the IRS.
TAXPAYERS WHO NEED MORE TIME TO PAY
The IRS can help you avoid paying penalties. Remember that it is essential to pay your taxes before April 15 even if you get an extension. But what if you cannot afford to pay what you owe the Internal Revenue Service?
Businesses and individuals can apply for a payment plan online. In this way, you could get an installment agreement and pay the taxes you owe over time. Nevertheless, it has one disadvantage.
The IRS informs taxpayers that payment plans have fees. There are a few options you can choose from. For example, partial payment installment, in-business trust fund express, and streamlined agreements.
HOW CAN I APPLY FOR A PAYMENT PLAN FROM THE IRS?
The Internal Revenue Service recommends using their online payment agreement application at https://www.irs.gov/payments/online-payment-agreement-application.
What is more, some taxpayers may even qualify for an Offer in Compromise. That is to settle your debt for less money than you owe the IRS. Americans facing financial hardship could also apply for al alternative plan.
Temporary collection delay is what the IRS offers to those taxpayer who are going through a really difficult financial situation. Once your finances improve, you can pay it back. Anyway, think about what suits you best and the cheapest way to pay taxes to avoid high-interest fees and penalties.
