How To Pay My Taxes If I Cannot Pay In Full
As you know all too well, all adult citizens of the United States are required to pay taxes on their income. However, it is not always feasible to pay one's taxes in full, especially during difficult economic times, as we are experiencing now. If you cannot pay your taxes in full this year, know that you do have certain options. Read this article to find out what these options are.
Your first step is to visit the main website of the United States government: USA.gov. Once you are on that website, you will see several links to different sections of the main website. Click on the link that says "Money and Taxes."
As soon as you are on the main "Money and Taxes" webpage of the United States government website, click on the link that says "Taxes - Federal and State." This will bring you to a new web page entitled "Taxes: Federal and State."
Once you are on the "Taxes: Federal and State" webpage, scroll down to the sub-heading which reads "Federal Taxes." Below this subheading, you will see a link that is called "Can't Pay Taxes In Full? Request an IRS Payment Agreement." Click on this link.
After you have clicked on this link, you will be brought to a webpage with the heading "Online Payment Agreement (OPA) Application. Carefully read through the instructions and stipulations on this webpage. In the middle of this webpage, you will see a link that says "Enter Online Payment Agreement Application." When you click on this link, you will be taken directly to the form you need to fill out to request a tax payment installment plan.
Ideally, it is a good idea to pay your taxes in full to avoid any financial penalties, but the U.S. government acknowledges that this is not always possible for all U.S. citizens year after year. Fortunately, the IRS Payment Plan is a tax payment option during more difficult years.
Yes
No
Flag
Comments
If you can't pay the taxes you owe it is also a good idea to consider other tax settlement options. If your tax situation and financial situation are really bad you can be considered temporarily uncollectible by the IRS and they will not require any payments to be made in the time being. Another option is an offer in compromise. With an offer in compromise a taxpayer can settle the taxes they owe for less than the original amount and then be considered in good standing with the IRS.
You must be logged in and verified to post a comment. Please log in or sign up to comment.