Can Pay Taxes Owed?
So you can’t pay taxes owed to the IRS? Don’t worry the IRS deals with thousands of individuals like yourself every year and they are very understanding of your financial situation. The IRS has created a few payment methods for individuals that cannot pay their taxes owed at the time they are due. If you owe less than $25,000 in taxes, the IRS will allow you to setup a payment plan without any questions. If you owe more than $25,000 they will just require you to file a bit more paper work to ensure your ability to make payments over time. One thing to keep in mind before setting up a payment plan is that you will save the most money by paying in full because you will not be charged additional interest on the tax amount owed. For those that cannot pay immediately, payment plans are available to allow the individual to pay the tax amount off in smaller, more manageable monthly payments. Below are the two most common forms of payment plans.
