CHICOPEE, Mass. (WWLP) – Taxes returns were due almost a month ago, but if you owe the IRS, you have options to pay them and minimize extra costs for late payments.
First off, the IRS will tell you, If you receive a bill from the IRS, do not ignore it; a delay could cost you in interest and penalties.
Just like any other business, the IRS will accept payments through their website, either with Direct Pay, or with your Credit or Debit Card.
They even have an app you can use to pay using your mobile device.
If you can’t pay all at once, you can make arrangements to make monthly payments, but there are some necessary steps to take.
You must complete and file all required tax returns, after which you may apply for an “installment agreement” through their Online Payment Agreement tool.
Who’s eligible to apply for a monthly installment agreement online?’
- Individuals who owe $50,000 or less in combined tax, penalties and interest and have filed all required returns
- Businesses that owe $25,000 or less in combined tax, penalties and interest for the current year or last year’s liabilities and have filed all required returns.
Those who owe taxes are reminded to pay as much as they can as soon as possible to minimize interest and penalties. Visit IRS.gov/payments for all payment options.