Tax Dictionary – Extension of Time to Pay Taxes
You may request a short additional time to pay your tax in full using the Online Payment Agreement application on www.irs.gov. Taxpayers who request and are granted an additional 120 days to pay the tax in full generally will pay less in penalties and interest than if the debt were repaid through an installment agreement over a greater period of time. There is no fee for this short extension of time to pay.
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If you owe taxes and can’t pay right away, but just need some extra time, you can request a short-term extension of time to pay of up to 120 days.
Once the IRS grants your extension, the IRS will send you a letter with your total pay-off amount calculated through the extension deadline. If you can’t pay the full balance by that date, contact the IRS before the deadline to request another type of payment plan or other agreement.
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