If you cannot pay your taxes in full by the April 18th deadline, here are four things you should know according to the IRS.- File on time & pay as much as possible:
You have the option of paying online, by phone, or with the IRS2Go App. Visit this page for electronic payment options.
- Get Loan or use a credit card to pay the tax:
The interest and penalties by the IRS for failure to pay are higher than the interest rates of a bank or credit card company. For your credit card options, click here.
- Use Online Payment Agreement Tool:
Get ahead! Plan for your payments using the IRS Online Payment Agreement Tool. You may also file Form 9465 which is the Installment Agreement Request with your tax return. This allows you to set up a direct debit agreement and not have to worry about sending a check each month.
- Don’t Ignore a Tax Bill:
The IRS may take collection action when you ignore a tax bill. The best option is to call the number on the bill and talk about payment options.
Beginning in 2017, all taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) from their prior year’s tax return to verify identity. To learn how to verify identity and electronically signing your return, visit this page.
