FOR BREAKING NEWS VISIT WWW.QNS.COM MARCH 7, 2019 • THE QUEENS COURIER 27
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tax guide
Payment options for those who owe but can’t pay in full
Most taxpayers will be aff ected by major
tax law changes, and while many will get a
refund, others may owe tax.
Many of those owing tax may qualify
for a waiver of the estimated tax penalty
that oft en applies. See Form 2210,
Underpayment of Estimated Tax by
Individuals, Estates and Trusts, and its
instructions for details.
Th e IRS urges people with a fi ling
requirement and a balance due to fi le by
the April 15 due date even if they cannot
pay in full. Taxpayers in this situation
should pay what they can and then consider
a payment plan for the rest.
Taxpayers who are unable to full pay
what they owe should act quickly. Several
payment options are available including:
Online Payment Agreement —
Individuals who owe $50,000 or less
in combined income tax, penalties and
interest and businesses that owe $25,000
or less in payroll tax and have fi led all
tax returns may qualify for an Online
Payment Agreement. Most taxpayers
qualify for this option, and an agreement
can usually be set up in a matter of minutes.
Online applications to set up one
of these plans are available Monday –
Friday, 6 a.m. to 12:30 a.m.; Saturday, 6
a.m. to 10 p.m.; Sunday, 6 p.m. to midnight.
All times are Eastern time.
Installment Agreement — Installment
agreements paid by direct deposit from
a bank account or payroll deduction will
help taxpayers avoid default on their
agreements. It also reduces the burden
of mailing payments and saves postage
costs. Taxpayers who don’t qualify for
a payment agreement may still pay by
installment. Certain fees apply.
Delaying Collection — If the IRS determines
a taxpayer is unable to pay, it may
delay collection until the taxpayer’s fi nancial
condition improves.
Off er in Compromise — Some struggling
taxpayers qualify to settle their tax
bill for less than the amount they owe by
submitting an off er in compromise. To
help determine eligibility, use the Off er in
Compromise Pre-Qualifi er tool.
In addition, taxpayers can consider
other options for payment, 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 under federal law.
Taxpayers can fi nd answers to questions,
forms and instructions and easy-touse
tools online at IRS.gov. Th ey can use
these resources to get help when it’s needed
from the convenience of home or offi ce.
From the Internal Revenue Service
/IRS.gov
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