Every year US taxpayers file their tax returns and find out that the total owed tax amount is more than what they calculated. In such cases, the person finds it very difficult to pay the complete tax amount at once. If you are one such taxpayer then at some point you must have wondered if there is any way to avoid the increasing penalty charges or pay fewer penalties. Fortunately yes, there is away. The IRS gives taxpayers an option to pay their taxes in monthly installments. This way you can save yourself from getting burdened at the end of the financial year. For this, all you have to do is, fill out the
IRS Form 9465.
This tax form helps you to request the IRS to let you make your tax payment in monthly installments instead of a one-time, lump sum. This form is to raise an Installment Payment Request to the IRS. But filling out this form does not mean that the IRS will not apply any late penalty charges. There will be penalty charges and interest until you pay the complete tax amount that you owe.
If you are a US taxpayer who failed to pay the tax obligation then you can fill out the
IRS Form 9465 only if you meet the criteria. If you are someone who owes taxes but is not able to pay the total amount at once then you can make the request for installment payment only if you meet certain conditions.
At this point, you must have realized the importance of a tax accountant. But this does not mean that you should start making Google searches for ‘
Tax Services Near Me’. The reason for this is, you can consider taking help from a virtual bookkeeping service provider. Not sure how to get started? You can call us on +1-888-660-0575 We are available 24x7.
