 into the revenue service rs tax news tax time guide using electric payment and agreement options for taxpayers who owe can help avoid penalties and interest tax time guide oh no we're being guided by the government again always a dangerous prospect for example remember that time when president biden led that giant botched pullout of afghanistan a pullout so poorly executed it's surely in bolded countries like russia to become more aggressive i mean honestly like that kind of anti-center just a catastrophically terrible leadership gives a new meaning to the phrase the hole is greater than the parts you know i mean mainly because like the giant hole at the top keeps making dumb calls that cause some of the parts on the ground to get blowing up by like suicide bombers and stuff i mean even the administration recognizes that the hole is greater than the parts except they misspelled hole and it would also be clearer if the word was proceeded by the letter a but whatever whatever i mean one thing is clear the dang hole wants all the parts to be as empty as the hole's head and i had these terrible headaches was diagnosed with having a uh anyway they had to take the top of my head off a couple times see if i had a brain an emptiness equivalent to a dark desolute vacuum deep in the vast nothingness void bowels of the galaxy for crying out loud so yeah so maybe maybe some of us parts need to do a little more questioning of the hole i mean honestly like out of all the parts how did we come to the conclusion that the best part to lead this body is the hole i'm just saying that anyways onto the news irs video portal there's a link to this this avoiding interest and penalty charges ir 2023 dash 44 march 9th 2023 washington with the tax deadline approaching the irs reminded taxpayers they can avoid late filing and interest penalties by submitting their tax return and any penalties due by april 18th so you want to avoid those sticks penalties and interest that the iris is wielding around so make sure that you know the deadline here april 18th for struggling taxpayers who can't pay by the deadline the irs offers several different options to help the iris is here to help people let's see what they have for us the iris also provides multiple ways for people to file an extension get information to help file their tax return and learn about payment options if they have trouble paying by the april 18th deadline eligible individuals and families who earn seventy three thousand dollars or less in 2022 can use irs free file so that's a page that'll take you to a third party website so we'll kind of organize the offers by the third party providers the software providers and if you're under seventy three thousand you may be able to access one of those softwares for free the tax code has become kind of complex more complex over the last few years due to the changes with regards to you know the corona virus and all the all the responses to that and just because the tax code itself then is kind of fluctuating more than it would under normal times many of those changes happening for the lower income threshold and that makes the lower income tax returns which should be pretty easy for the most part more complicated because of things like refundable credits so tax software is quite helpful if you know someone or yourself don't think that you need to file you might still want to check it out because you might have some access to some of these refundable credits like the child tax credit and the earned income tax credit and if you can get access to the software for free it's worth looking into so available only on irs.gov and basically it's going to take you to a link to the third party websites to to electronically file their taxes all taxpayers regardless of income who need more time to file return can use irs free file as an easy and quick way to electronically file a six month extension before april 18th 2023 remember that the extension only extends the deadline for filing the return not for paying any taxes owed so if you're if you're do a refund then you're you're the iris shouldn't be coming after you too aggressively you would think right because uh you they owe you money and if you give them an extension then that's kind of good on there and but if you owe them money then you still need to pay on time even if you file the extension so those two things you got to keep them separate in your mind and extension will help to avoid penalties and interest for failing to file on time there's a link to that here and gives taxpayers until october 16th 2023 to file however they still must pay what they owe by april 18th deadline so except for eligible victims of recent natural disasters there's a link to that here if you want to look into those disasters have until october 16th to make various tax payments taxpayers who can't pay the full amount of taxes they owe by april 18th should file and pay what they can to reduce total penalties and interest so there are several ways to make electronic payments and there are options for a payment plan or agreement irs online account an irs online account there's a link to that here provides access to important information when preparing to file a tax return pay balances or follow-up on notices so there hasn't the iris hasn't had like this online accounting stuff as readily available or as as well done as many other institutions even those that deal with sensitive information like of course financial institutions banks and other financial institutions dealing with investments and whatnot and you would think the iris is trying to improve that type of system especially as they put more complex things into the tax code such as giving out prepayments of things like the child tax credit whatnot when they did that before so that people can go on their account and look up some of this type of stuff so i would think going forward your online account at the iris might be more beneficial to get set up and working as as things push forward but we'll see what happens uh that it used to be that they tried that the login process was quite tedious they tried to do a face identification kind of thing which i really didn't like because it kind of seems a little bit over intrusive because i don't think the financial institutions need that kind of stuff and they seem secure so any case here it is taxpayers can view their adjusted gross income payment history in any schedule or pending payments payment plan details digital copies of select notices from the iris taxpayers can also use their online accounts to securely make a same-day payment for an outstanding 2022 tax balance pay quarterly estimated taxes for the 2023 tax season or request an extension to file a 2022 return interest and a late payment penalty will apply to any payments made after april 18th making a payment even a partial payment will help limit penalty and interest charges so other options to pay electronically so they've got all these options for you to pay them you got the direct pay available only on iris.gov is the fastest and easiest way to make an on a one-time payment without signing into the irs online account you've got the direct pay there's a link to that here direct pay is free and allows taxpayers to securely pay their federal taxes directly from their checking or saving account without any fees or pre-registration taxpayers can schedule payments up to 365 days in advance after submitting a payment through direct pay taxpayers will receive immediate confirmation then you've got the electronic funds withdrawal that's the efw there's a link to that here this option allows taxpayers to file and pay electronically from their bank account when using tax preparation software or a tax professional so this option is free and only available when electronically filing a tax return so when you're filing the tax return and if you want to pay through the software system that's what you're using electronic federal tax payment system so there's a link to that this free service gives taxpayers a safe and convenient way to pay electronically and business taxes by individual and business taxes by phone or online to enroll and for more information taxpayers can call there's a number here you can check it out there'll be a link to this in the description i won't go over it at this time debit or credit card or digital wallet there's a link to that individuals can pay online by phone or with a mobile device through any of the authorized payments processors the processors charge a fee so that's the third party processor if you pay with a credit card or something like that you might have a fee but the irs is saying it's not us it's the processors the credit card company or whatever you're using to make the payment you could use one of these other free options if you want so the irs doesn't receive any fees for these payments authorized card processors and phone numbers are available at irs.gov forward slash payments link to that here other payment options cash you could pay with cash so if you're like a mobster and you just you're like you don't want to have your money tracked or anything you just want to hey here's here's a load of cash i happen to have happened to have paid some taxes which i don't really want to tell you where the income came from or anything they've got that option they don't want to listen they don't want to lose that those fentanyl sales revenue over there just get it just get it fill cut that out cut that part out for taxpayers who prefer to pay in cash the irs offers a way to pay taxes at one of its cash processing company services the irs urges taxpayers choosing this option to start early because it involves a four-step process details including answers to frequently asked questions are at the irs.gov forward slash pay with cash there's a link to that here check or money order payments made by check or money order should be made payable to the quote united states treasury end quote to help ensure that the payment gets credited prompt promptly taxpayers should also enclose a 2022 form 1040 v payment voucher or print the following on the front of the check or money order notice they put the check at the bottom they don't really like checks over there but you could still do it apparently see so you got the 2022 form 1040 name address daytime phone social security number for taxpayers who cannot pay in full the irs encourages taxpayers who cannot pay in full to pay with what they can and consider a variety of payment options available for the remaining balance including getting a loan to pay the amount due in many cases loan costs may be lower than the combination of interest and penalties the irs must charge they have to do it they have to do it under the federal law it's got to be done don't don't get mad at them so in other words if you can't pay you could set up a payment plan but then you're going to be subject to penalties and interest and the question is well could you take out a loan to pay your taxes possibly the loan from the bank being less in interest charges then the penalties and interest that you might be charged if you uh from the irs if you set up a payment plan now the interest rates are kind of reasonable with the irs it kind of depends what your personal finance is but when you combine you'll still have some penalties you'll reduce the penalties but if you set up a payment plan you could have some penalties so it kind of depends on your personal circumstances and whether or not you can get a loan somewhere else that would be at a more favorable rate than setting up a plan with the irs but doing nothing is surely not a good option most of the time because that's going to mean that the penalties and an interest will be accumulating upward at a higher rate so taxpayers should act quickly as possible tax bills accumulate more interest and fees the longer they remain unpaid for all payment options you can visit the irs.gov forward slash payments online self-service payment plans most individuals taxpayers qualify for a payment plan and can use online payment agreement there's a link to that here to set up a payment plan including an installment agreement to pay off an outstanding balance over time so you can set that up pretty easily so if you don't want to go get a loan somewhere else to pay off your taxes or or you're not ready to know how much to pay off or anything like that you could you could set up a payment plan on the irs website pretty easily most of the time without even have to to deal with anyone really you could just basically set one up which will hopefully avoid penalties at least lower the penalties and interest so once the online application is completed the taxpayer receives immediate notification of whether their payment plan has been approved taxpayer can set up a plan using the online payment agreement in a matter of minutes there's no paperwork and no need to call right or visit the irs that's nice set up fees and apply for some types of plans there's a link to that here online payment plan options for individual taxpayers include you got the short term payment plan total balance owed is less than 100 000 in combination combined taxes penalties and interest additional time of up to 180 days to pay the balance in full and then you got the long term plan installment agreement more like a normal kind of loan kind of situation the total balance owed is less than $50 000 in combined tax penalties and interest pay as monthly payments for up to 72 months so when you're thinking about setting up your payment plan you got to keep these boundaries in place to determine you know what the iris will accept you're kind of giving them an offer with the payment plan so you got to see what the if you're trying to get your payments as low as possible then you pay as monthly payments for up to 72 months right so payments may be set up using direct debit automatic bait withdrawal which eliminates the need to send in a payment each month saving postage costs and reducing the chance of default for balances between 25 000 and 50 000 direct debit is required qualified taxpayers with existing payment plans may be able to use the online payment agreement to make changes including revising payment dates payment amounts or bank information for payments made by direct debit go to the online payment agreement for more information though interest and late payment penalties continue to accrue on any unpaid taxes after april 18th the failure to pay the tax penalty rate is cut in half while an installment agreement is in effect so you reduce the penalties and interest but possibly not eliminate them find more information about the costs of payment plans on the irs additional information on payment plans website other payment options wow the payment options are just there's just a plethora of payment options taxpayers struggling to meet their tax obligation may also consider these additional payment options you got the offer in compromise be careful with that one because you're basically saying i can't really well let's check it certain taxpayers qualify for settlement their tax bills for less than the total amount they owe by submitting an offer in compromise to help determine their eligibility they can use the offer in compromise pre-qualifier tool there's a link to that here to help taxpayers prepare their own valid offer in compromise the irs created an offer in compromise video playlist this is the thing often like advertised when people when people specialize in trying to trying to reduce the irs tax bill they're trying to get the offer in compromise so if you hear commercial saying yeah if you have 20,000 or 10,000 or whatever more in or more in debt then we'll help you out they're kind of usually alluding towards this procedure the offer in compromise although it's not the only thing that may possibly be done in situations that have high debt sometimes people just didn't file their tax returns sometimes for example they were contractors and they didn't write off any of their expenses so the iris just charged them on the income that was on the 1099s for example so that's to be a little bit different of a situation that you might remedy and a little bit different of a fashion than an offer in compromise but this is the one that they're usually kind of alluding to and the irs tries to say is is more and more i believe trying to say hey look we put everything on the offer in compromise on the website so you can see yourself if you qualify for it instead of instead of having it's not shouldn't be an elusive type of thing where it could be subject to manipulation and whatnot so check it out yourself here so also available in Spanish and simplify Chinese that walks them through the necessary paperwork temporary delaying collection there's a link to that here taxpayers can contact the irs to request a temporary delay of the collection process if the irs determines a taxpayer is unable to pay it may delay collection until the taxpayers financial condition improves penalties and interest continue to accrue until the full amount is paid other payment plan options taxpayers who do not qualify for online service self-service should contact the irs using the phone number or address on their most recent notice for other payment plan options for individuals and out of of business sole proprietors who are already working with irs campus collection and who owed 250 000 or less one available option is to propose a monthly payment that will pay the balance over the length of the collection status so in other words you can't if your debt is that high just automatically set up the payment plan you'll have to contact someone and then try to set up the payment plan and if it's that high then you got to still know what their max terms are that they're likely to accept because you're doing a negotiation here usually 10 years they're saying so these payment plans don't require a financial statement but they do require a determination for the filing of a notice of federal tax lien still applies so for for more information about payments c topic number 202 payment options on irs dot gov taxpayer rights the iris reminds taxpayers that they have rights and protections throughout the collection process for details you can see the taxpayer bill of rights and publication one for rights as a taxpayer there's a link to that here you have the right to pay you have the right to remain silent as you're paying just kidding those aren't the actual rights you can check them out yourself taxpayers should know before they owe so the irs encourages all taxpayers to check their withholding with the irs tax withholding estimator there's a link to that here this news release is part of a series called the tax time guide a resource to help taxpayers file an accurate tax return additional help is available in publication 17 the your federal income tax there's a link to that here there'll be a link to this in the description