There is a new post on X from the Internal Revenue Service (IRS) that says variety is the spice of life. Knowing the different ways you can pay can help you get out of debt and get through your money problems at the same time.
The best thing about the IRS is that it takes both full and partial payments. They also include payments that are made as part of a payment plan, such as an installment deal. But the fees and interest may keep going up until you pay off the bill in full.
IRS payment options in 2024
Don’t forget that you have to prove who you are before you can use the “pay now” option to make a payment. Not at all. You can make a payment today or set up a payment for later without having to log in to your IRS account.
The most common ways to pay off debt are using:
- a digital wallet
- your credit or debit card
- from your bank account
IRS options if you need more time to pay taxes
Do not forget that if you do not pay your taxes on time, you may have to pay fines and fees. If you want to escape a fine, you must file and pay your tax return before the due date.
That’s important even if you can’t pay what you owe. Getting a payment plan is the best way to avoid it. It’s possible that you need a payment plan.
This way, you can pay off your debt over time, but you might have to pay fees. People with low incomes may not have to pay the fee if they are qualified. These are the main plans:
- payment plans or installment agreements
- offer in compromise
- temporary delay collection
People who owe money to the IRS and want to set up a short-term payment plan can use a tool called OPA. It is the tool for making an online payment agreement. For people, they can call the IRS at 800-829-1040 if they don’t know what to do.