Tax Dictionary – Installment Agreement
If you’re financially unable to pay your tax debt immediately, you can make monthly payments through an installment agreement.
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There are several types of IRS payment plans, called installment agreements, that you can set up if you can’t pay your taxes.
Some installment agreements are simple payment arrangements that you or your tax pro can set up using the IRS Online Payment Agreement tool. Others are more complicated to request and can involve sending the IRS proof of your income and assets.
The best type of installment agreement for your situation depends on the amount you owe, how fast you can pay it, and your financial circumstances.
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