Missed the IRS tax deadlines on April 15 or June 16? Don’t panic—you’re not alone. The good news is that the IRS provides several helpful options to make the situation a little less stressful. If you owe taxes for 2024, it’s essential to act fast to reduce penalties and interest. Here’s what to do next.
Actfast
The IRS emphasizes the importance of filing your tax return and paying any taxes owed as soon as possible. Even if you missed the official deadline, delaying further only adds to your problems. Interest and penalties start piling up immediately and will continue until the balance is completely paid off.
If you can’t pay the full amount, that’s okay. Just file the return and pay whatever you can afford. Even a partial payment reduces your overall balance and shows the IRS that you’re making an effort.
Payoptions
The IRS offers a range of payment options, many of which are online. This means you can take care of your tax debt from the comfort of your home—no need to visit an office or spend hours on hold.
Here are the official IRS payment methods:
- IRS Online Account
- IRS Direct Pay
- Electronic Federal Tax Payment System (EFTPS)
- Debit Card
- Credit Card
- Digital Wallet (e.g., PayPal or Venmo)
Some people consider using a credit card to wipe out their tax balance. While this clears your IRS debt, don’t forget that your card will likely charge interest too. So, weigh the pros and cons carefully.
Payment Plan
If you don’t have enough money to pay using the above options, a payment plan might be your best bet. The IRS allows taxpayers to apply online for both short-term and long-term plans. These installment agreements can help you pay off your balance over time.
Let’s break down your options:
| Plan Type | Qualification | Timeframe |
|---|---|---|
| Short-Term Plan | Owe less than $100,000 (tax + interest + penalty) | Up to 180 days to pay |
| Long-Term Plan | Owe less than $50,000 (combined tax debt) | Monthly installment plan |
The great thing is, the IRS gives you an instant decision online. That means no lengthy wait or endless paperwork. You’ll know right away if your application is approved, saving time and headaches.
Protips
Still worried about how to move forward? Here are some quick tips:
- File, even if you can’t pay. The penalty for not filing is much higher than for not paying.
- Don’t ignore IRS notices—they won’t disappear.
- Save all confirmations and receipts if you pay online.
- Use IRS tools and calculators to understand how much you owe and what your payment plan might look like.
By being proactive, you can minimize the financial damage and avoid further stress. If you need more details or want to apply for a payment plan now, head over to the IRS official website: irs.gov.
FAQs
What if I missed the IRS deadline?
File and pay as soon as possible to reduce penalties.
Can I still pay online?
Yes, use IRS Direct Pay, EFTPS, or your IRS account.
Is a payment plan available?
Yes, you can apply online for short or long-term plans.
How fast is IRS payment plan approval?
You’ll get an instant online decision.
Can I pay IRS with a credit card?
Yes, but watch out for your card’s interest rates.
