Your Options For Paying What You Owe To The IRS

The idea of owing back taxes to the IRS is enough to keep some people awake at night with fear. Of course, no one wants to owe money to the IRS. However, if you do, there are number of different ways to pay your tax bill these days. Here are a few of your options:

1. You can request extra time to pay your tax bill from the IRS. If you can pay soon, just not right now, you may be able to get an extension to pay your tax in full. The IRS website describes this as a ‘brief’ extension, so don’t expect a lot of extra time to pay.
2. The IRS now takes credit cards as payment for taxes. This might work for you, if your interest rate on your credit card is less than what your penalties and interest would be from paying the IRS late.
3. When you can’t pay in full, you can request installment payments. To be eligible to do this, you first need to file your return.
4. The IRS still accepts all standard methods of payment, including cash, cashier’s check, electronic fund transfer, check, and money order.

Sometimes even with these extra options, you just can’t pay the taxes that you owe. If this is the case, contact Levy and Associates immediately for tax help. We can help you get resolution from the IRS and work out a payment plan, or even an Offer in Compromise. We will help you get the tax relief that you need to be able to sleep at night.