While many Americans get a tax refund from the IRS each year, some taxpayers owe. Sometimes the bill can be too large for some individuals to pay at once, so the IRS has several flexible options.
HOW DO I PAY WHEN I FILE?
Your payment options depend on if you file online or through the mail.
Electronic Withdrawal: Provide your bank’s routing number and your account number to have the amount withdrawn on a date of your choosing any time before Tax Day (typically April 15).
Credit Card: If you would rather pay with your credit card, there are several third-party payment companies who can process your payment. You can learn more about paying your taxes with a credit card here.
If you owe state taxes, some states allow you to pay directly on their website using debit, credit, or electronic funds transfer.
If you need to mail in your payment, you can pay using check or money order.
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WHAT IF I CAN’T PAY WHEN I FILE?
First, it’s important to understand that you are still required to file your tax return on time even if you can’t pay the taxes you owe on time. Filing on time will prevent you from being charged late filing penalties.
If you can’t pay your taxes when you file, you have several options. You can schedule an automatic payment from your bank, like many people do with regular bills. Make sure you schedule the payment before Tax Day!
If you can’t pay in full by Tax Day, the IRS offers several payment plans. You can apply for a payment plan with the IRS here.
Short-term payment plan:
If you can pay your bill in full in less than 120 days, apply for this plan to pay monthly automatic payments.
Long-term payment plan (installment agreement) option 1:
If you need more than 120 days to pay, use this plan to pay through direct debit (automatic monthly payments from your checking account).
Long-term payment plan (installment agreement) option 2:
This plan is very similar to the plan above, but includes multiple payment options, including:
Monthly payment directly from a checking or savings account (Direct Pay)
Monthly payment electronically online or by phone using Electronic Federal Tax Payment System (EFTPS)
Monthly payment by check, money order, or debit/credit card (Fees apply when paying by card)
Change an existing payment plan:
If your current plan is not working for you or you owe more money, you can revise it online, by phone, mail, or in person.
Reinstate a payment plan:
If you previously had a payment plan and need to reinstate it for the current tax year, you can apply to use your same plan again.
Offer in Compromise:
If you meet strict IRS requirements, you might be able to settle your tax bill for less than the full amount you owe.
First Time Penalty Abatement:
If you meet certain guidelines, you might be able to waive failure-to-file and failure-to-pay penalties.
What if I don’t pay my taxes?
If you fail to pay your tax bill by Tax Day, you will begin to incur penalties and fees beginning the day after you fail to pay.
Some of the more serious consequences include:
A federal tax lien can be filed against your property.
Your salary/accounts can be seized through a tax levy.
You can be served a summons asking you to provide more information.
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