Owe The IRS Taxes?

Received a bill from the IRS? Don’t wait around before paying it. Postponing payment may cost you more in the end as you can accrue more interest and penalties. To help you avoid these additional costs, the IRS provides payment options that allow you to pay instantly or through payment installments. It’s easy to make payments via IRS electronic payment options!

With IRS Direct Pay, you can directly pay individual tax bills and estimated tax payments from your checking or savings account for free. Payment can be scheduled up to 30 days in advance with Direct Pay. If needed, you can even cancel or change your payment two business days prior the scheduled payment date.

Taxes can be paid using your debit or credit card online, by phone or with a mobile device. While the IRS does not charge any fees, convenience fees will still be applicable and vary by payment processors.

Those that wish to pay on their mobile devices can download the IRS2GO app, the official IRS mobile app, and pay through Direct Pay or debit/credit card.

If you prefer to make monthly payments, you must file required tax returns and apply for an online payment installment agreement.

Eligibility requirements for online monthly installment agreement include:

• 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.

When you owe the IRS money, it is important to explore your options of payment methods. In order to better understand your options, refer to this article.

(Courtesy of IRS)

Note: If you owe taxes, try to pay as much of it off as soon as you can in order to reduce interest and penalties.
For more information, visit IRS.gov/payments or contact us at admin@socotax.com.