If you owe taxes but can’t pay the full amount by the April 18 deadline you should still file your return on time and pay as much as you can to avoid penalties and interest. Here are three alternative payment options you may want to consider:
1. Additional Time to Pay based on your circumstances, you may be granted a short additional time to pay your tax in full. A brief additional amount of time to pay can be requested through the Online Payment Agreement application at http:www.IRS.gov or by calling 800-829-1040. Taxpayers who request and are granted an additional 60 to 120 days to pay the tax in full generally will pay less in penalties and interest than if the debt were repaid through an installment agreement over a greater period of time. We can assist you in evaluating these options.
2. Installment Agreement we can assist you in setting up an installment agreement with the IRS. If you owe $25,000 or less in combined tax, penalties and interest we can usually apply on your behalf and get immediate acknowledgement and approval.
3. Pay by Credit Card or Debit Card you can charge your taxes on your American Express, MasterCard, Visa or Discover credit cards. Additionally, you can pay by using your debit card. However, the debit card must be a Visa Debit Card, or a NYCE, Pulse or Star Debit Card. To pay by credit card or debit card, contact one of the service providers at its telephone number or Web site listed below and follow the instructions. There is no IRS fee for credit or debit card payments, but the processing companies charge a convenience fee or flat fee. If you are paying by credit card, the service providers charge a convenience fee based on the amount you are paying. If you are paying by debit card, the service providers charge a flat fee of $3.89 to $3.95. Do not add the convenience fee or flat fee to your tax payment.
The processing companies are:
To pay by debit or credit card: 888-PAY-1040 (888-729-1040), www.pay1040.com
RBS WorldPay, Inc.
To pay by debit or credit card: 888-9PAY-TAX (888-972-9829), www.payUSAtax.com ”
Official Payments Corporation: To pay by debit or credit card: 888-UPAY-TAX (888-872-9829), www.officialpayments.com/fed
For more information about filing and paying your taxes, give us a call.