Summer Time Tax Tip : Paying owed taxes

The IRS offers many safe and easy ways to pay your taxes. These tips explain many of them:

• Mailed tax bills. The IRS sends bills in the U. S. mail. Try to pay soon and in full to avoid any extra charges.
• Use IRS Direct Pay. The best way to pay your taxes is with IRS Direct Pay. It’s the safe, easy and free way to pay from your checking or savings account.
• Get a short-term payment plan. If you owe more tax than you can pay, you may qualify for more time- up to 120 days- to pay in full.
• Apply for an installment agreement. Most people who need more time to pay can apply for an Online Payment Agreement on IRS.gov.
• Check out an offer in compromise. An offer in compromise or OIC may let you settle your tax debt for less than the full amount you owe. 
• Avoid tax surprises. If you are an employee, you can avoid a tax bill by having more taxes withheld from your pay. To do this, file a new Form W-4, Employee’s Withholding Allowance Certificate, with your employer.

Courtesy of IRS

For more information contact Neikirk, Mahoney and Smith at 502-896-2999