Discovering that you owe more than expected can make you feel defeated. No tax refund is bad enough. But discovering that you owe a lot of money is even worse. Can you pay your taxes in installments? 

How much do I have towards the IRS

Use this free tax refund calculator to find out if you owe the IRS in the upcoming tax season. Of course, you won’t know exactly how much you owe until you have completed your tax return. At the end of the tax season, read the completed tax return carefully before submitting. Check if you really owe government money. It’s easy to add the same income twice or forget about an important deduction. If your tax return is missing the deduction or discount you thought you were eligible for, make sure you have answered all the questions correctly. One missed question or check box may result in the loss of tax benefits that you may be entitled to. Check the forms carefully to make sure you have entered all the correct information. Another way to determine if something is wrong is to compare the return for the current year with the tax return for the previous year. If your tax situation has not changed drastically, but your tax bill is yes, it’s a red flag. You should stop and examine the change. 

Can you pay your taxes in installments?

What are the benefits of paying taxes on time?

If you are unable to pay the tax due on the original date, the balance will be subject to interest and a monthly penalty for late payment. There is also a penalty for not submitting your tax return, so you should file it in good time, even if you can’t fully pay your balance. It is in your best interest to pay off the full amount as soon as possible to minimize additional fees.

What if I can’t pay taxes?

If you can’t pay your tax bill on time, don’t avoid it. Submit Form 9465, Installment Contract Request to set up installment payments in IRS. You can also complete the installment agreement online. Completing the online form may reduce the user’s fee for payment in installments, which is the fee charged by the IRS for establishing a payment plan.

The Tax Office must allow payment of overdue taxes if: 

  • You owe $ 10,000 or less, or
  • Prove that you cannot repay the amount due now, or
  • You can pay tax back in three years or less.
  • In addition, you must agree to comply with tax laws. Over the past five years, an installment contract with the IRS could not be concluded either.

Payments can be made by direct debit, bank check or money order, credit card, debit card or other accepted payment method. To charge you a lower fee, you can enter into an online payment agreement and / or agree to make payments by direct debit.



Please enter your comment!
Please enter your name here