What to Do if You Can't Pay Your Taxes Due Next Week

After the usual April 15 tax deadline was moved to July 15 because of the pandemic, that means that if you haven't already paid your taxes, you will need to do so soon. But what if you're still not quite ready to pay them? Lifehacker has some options:

  1. Online Payment Agreement. If you owe $50,000 or less, you may qualify for an online payment agreement. The options may include full payment, paying in 120 days or less, or a long-term payment plan. 
  2. Installment Agreement. Those who don’t qualify for the online payment agreement may apply for an installment agreement. You may apply by phone or by mail with Form 9465. although there may be additional fees added.
  3. Temporarily Delay Collection. If you can’t afford to pay, you may ask the IRS to hold off on the collections process until your financial situation improves. You will still accrue penalties and interest.
  4. Offer in Compromise. If you can’t pay off your tax debt, it may be possible to settle for less than what you owe. You can see if you are eligible with the Offer in Compromise Pre-Qualifier.

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