Can’t Pay Your Taxes? Alternative Payment Options

 

coins 300x199 Cant Pay Your Taxes? Alternative Payment OptionsCan’t afford to pay your taxes? There are a number of options for paying the IRS, reports Komo News.

Option 1: Charge the payment to your credit card. The IRS accepts major credit cards, and does not charge a fee. However, the companies who process transactions may charge a convenience fee, normally around 2% of the amount charged. You will also pay interest on the charge if you carry a balance.

Option 2: Request an alternative payment plan from the IRS. In many cases, they will let your pay off taxes over a period of time. The interest rate is variable (right now around 4%), but you must be current on filing all of your tax returns.

Option 3: Apply for “currently non-collectible status.” This status is difficult to receive, as you must prove documentation of an extraordinary financial circumstance via an IRS form. You will not be expected to pay your taxes for a year.

To read the original article, visit http://www.komonews.com/news/consumer/120139899.html

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About America Monge

Marketing Intern at Council of Better Business Bureaus, Arlington, VA.