Some taxpayers have missed the IRS April 15 and June 16 deadlines. The Agency offers several resources to help American citizens in this difficult situation. They will certainly come in handy to reduce the effects of interest and other penalties on your financial situation. In the first place, the Internal Revenue Service reminds taxpayers of the importance of filing their 2024 tax returns and paying the tax they owe as soon as possible.
Taxpayers who do not do so will have to cope with interest and penalties that will definitely continue to accrue on their tax liability. Of course, this negative effect will go on until the balance is paid in full. One thing the IRS recommends doing is to pay as much as you can afford, even if you cannot pay the amount in full. So, file and pay what you can as soon as possible.
IRS has online payment options
Some taxpayers may want to get rid of their debt by using their credit card. It may be a good idea so you can pay the balance in full. However, it is also important to take into account the interest you will have to pay for using your credit card.
Obviously, you can also pay the debt to the IRS using your debit card. Here is the full list of payment methods if you still owe the Internal Revenue Service some money.
- IRS Online Account
- IRS Direct Pay
- The Electronic Federal Tax Payment System (EFTPS)
- Debit card
- Credit card
- Digital wallet
Taxpayers who have no money to use these online payment options may want to apply for a payment plan. The IRS reminds taxpayers that they can apply for one online. Yes, you can even get an installment agreement online, too. Keep your confirmation once you pay the Agency electronically.
IRS options when having trouble paying taxes
If you could not pay your taxes by the IRS deadline, or your deadline to pay is approaching, but you think you cannot afford to pay them, file and pay what you can.
Also, you could apply for a payment plan. Taxpayers who decide to apply for a payment plan will immediately receive a response. So, it will not take long to know if the IRS approves it or not once you apply online.
Another advantage of this online application is the fact that you will not have to call or visit the IRS office.
- IRS Long-term payment plan: When the total balance owed is less than $50,000 in combined tax.
- IRS short-term payment plan: For this payment plan, the total balance owed is less than $100,000 in combined tax, interest, and penalties. You could receive additional time of up to 180 days to pay the balance in full.
For more information on IRS payment plans, visit the official website: https://www.irs.gov/newsroom/irs-has-options-to-help-taxpayers-who-missed-the-filing-deadline
