With tax day approaching quickly, some Americans who owe may feel financially unprepared to pay their tax bill by this year’s April 18 deadline. Fortunately, the IRS offers several options to pay your taxes but you need to act fast.
Once you submit your application, you’ll get an immediate notification on whether your payment plan has been approved. Online payment plans include short-term and long-term payment plans. If you apply for a payment plan through OPA, you can set up a short-term payment plan for up to 120 days at this time.
“Short-term repayment plans offer a payment period of 120 days [through OPA]. This option is available for taxpayers who owe less than $100,000 dollars. There is no formal application and accrued penalties and interest apply until the balance is paid in full,” said Eric Bronnenkant, CPA, CFP and head of tax atShort-term payment plans are also available for a maximum of 180 days, but you must call the IRS at 800-829-1040 and file a formal application through ato set up the installment agreement.
The IRS offers several ways to make your monthly payments including a direct debit from your bank account, automatic payroll deductions, payment by EFTPS, as well as payment by credit card via phone or internet.
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