How can I set up an IRS Tax Payment Plan?

If you owe income taxes , due on April 15, that you are not able to pay, we have good news. The IRS offers excellent payments plan that are very low interest and do not show up on your credit report.

File your 1040 Individual Tax returns - but simply do not pay the taxes due. Wait for the IRS to send you a bill (with a little bit of penalty and interest added, not much).  Then with bill in hand, you call them and work out a plan. Typically they offer 2 types of plans:

1.  A promise to pay within, for example, 120 days, over several payments, with no additional penalties.
2.  A longer term payment plan for up to 60 months, with monthly payments. Penalties continue to accrue.

You can decide which plan works best for you. The IRS is quite helpful and lenient when you engage them, they are not to be feared. Additional information can be found here https://www.irs.gov/payments/payment-plans-installment-agreements

Link to pay your taxes online https://www.irs.gov/payments

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