Tax Tip #194

Taxpayers who cannot pay the full amount owed on a tax bill are encouraged to pay as much as possible. 

Most taxpayers can set up a monthly payment plan or installment agreement that gives them more time to pay. However, penalties and interest will continue to be charged on the unpaid portion of the debt throughout the duration of the agreement.

When the amount owed is $50,000 or less, the process is relatively simple. Go to IRS.gov to complete Form 9465, Installment Agreement Request, or apply online for a payment plan. 

When more than $50,000 is owed, the process is more complex — but not to worry. Reach out to a Goldstein & Loggia team member for assistance.