The Internal Revenue Service (IRS) claims that variety is the spice of life in one of the most recent posts on X. Knowing the variety of payment options available can help you overcome your financial difficulties and get rid of your debt at the same time.
In actual fact, the best thing about the IRS is it accepts both partial and full payments. They also include payments toward a payment plan, like an installment agreement. However, penalties and interest may go on increasing until you pay the debt in full.
IRS payment options in 2024
Do not forget that to make a payment using a pay now option you must first confirm your identity. On the contrary, if you would like to make a payment today or schedule a payment you can do it without logging in onto your IRS account.
The most common ways to pay off debt are using:
- a digital wallet
- your credit or debit card
- from your bank account
IRS options if you need more time to pay taxes
Do not forget that penalties and fees may apply when you do not pay taxes to the IRS on time. It is essential to avoid a penalty by filing and paying your tax before the due date.
That will be important even if you cannot pay what you owe. The best way to avoid it is by applying for a payment plan. An installment agreement may be what you need.
In this way, you will pay off your balance over time but fees may apply. Low-income taxpayers may avoid the fee if eligible. The main plans are:
- payment plans or installment agreements
- offer in compromise
- temporary delay collection
Those taxpayers who would like to apply for a short-term payment plan can use the IRS tool known as OPA. It is the Online Payment Agreement tool. If not, they can simply call the Internal Revenue Service at 800-829-1040 (individuals).