IRS provides various payment options for taxpayers who owe but can’t pay in full
Most taxpayers will be affected by the major tax law changes
While most will get a tax refund, others may find that they owe taxes, many of whom may qualify for a waiver of the estimated tax penalty that normally applies. form 2210 calculates the penalty.
SEVERAL PAYMENT OPTIONS DESCRIBED BELOW;
- IRS Direct Pay allows payment directly from a checking or savings account. This service is free.
- Electronic Federal Tax Payment System, or EFTPS. Pay by phone or online. This service is free.
- Debit or credit card payment. This service is free, but the processing company may charge a fee. Fees vary by company.
- Check or money order made payable to the United States Treasury (or U.S. Treasury) either in person or through the mail.
- Cash payments at some IRS offices or at a participating PayNearMe location. Some restrictions apply. Taxpayers should not send cash through the mail.
UNABLE TO PAY – SEE OPTIONS BELOW;
- Online Payment Agreement — Individuals who owe $50,000 or less in combined income tax, penalties and interest and businesses that owe $25,000 or less in payroll tax and have filed all tax returns may qualify for an Online Payment Agreement.
- Installment Agreement — Installment agreements paid by direct deposit from a bank account or a payroll deduction will help taxpayers avoid default on their agreements. Certain fees apply.
- Delaying Collection — If the IRS determines a taxpayer is unable to pay, it may delay collection until the taxpayer’s financial condition improves.
- Offer in Compromise — Certain taxpayers qualify to settle their tax bill for less than the amount they owe by submitting an offer in compromise.
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By Robbie Terry-Washington, CPA
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