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PAYING YOUR FEDERAL INCOME TAX

August 17, 2012
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If you owe taxes on your individual return, but are unable to pay it all by the April 17thdeadline, the IRS allows for alternate payment plans.  In the first option, you may be given a small amount of additional time to pay, based upon your circumstances.  You should still file your return on time and request additional time to pay through the Online Payment Agreement form at www.irs.gov.  Taxpayers may be granted between 60-120 days to pay, with less penalties and interest.  The second option is through an installment agreement.  For taxpayers who owe $25,000 or less in taxes, you have the option of applying through the Online Payment Agreement or Form 9465, Installment Agreement Request.  This will result in more penalties and interest than the first option, but will allow the taxpayer to spread out the payments over a longer period of time.