What is a Payment Plan?
A payment plan is an agreement with the IRS to pay the taxes you owe within an extended timeframe.
What are the benefits of paying my taxes on time?
By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.
Benefits of Timely Payments
- Avoid accruing additional interest and penalties
- Avoid offset of your future refunds
- Avoid issues obtaining loans
However, we know things happen – if you’re not able to pay the tax you owe by your original filing due date, the balance is subject to interest and a monthly late payment penalty. There’s also a penalty for failure to file a tax return, so you should file timely even if you can’t pay your balance in full. It’s always in your best interest to pay in full as soon as you can to minimize the additional charges.
Why do I owe interest and penalties?
Interest and some penalty charges continue to be added to the amount you owe until the balance is paid in full.
Before you do anything else, schedule FREE case evaluation Today! We can help you understand your best options and if you qualify, we may help you reduce your tax liability by as much as 85% – “Get Started Now”.