Facing a surprise tax bill? Be sure to still file by May 17 https://www.irs.gov/newsroom/facing-a-surprise-tax-bill-be-sure-to-still-file-by-may-17 https://accountinginstruction.info/ It's easy for most people to set up an online payment agreement with IRS IR-2021-110, May 14, 2021 WASHINGTON ― The Internal Revenue Service today reminded taxpayers who owe 2020 taxes that there are different ways to pay through IRS.gov, including payment options for many people who can't pay in full. File by May 17 The most important thing everyone with a tax bill should do is file a return by the May 17 due date, even if they can't pay in full, or request a six-month extension to avoid higher penalties for failing to file on time. Though automatic tax-filing extensions are available to anyone who wants one, these extensions don't change the payment deadline. It is not an extension to pay. Visit IRS.gov/extensions for details. Usually anyone who owes tax and waits until after that date to file will be charged a late-filing penalty of 5% per month. So, if a tax return is done, filing it by May 17 is always less costly, even if the full amount due can't be paid on time. Free File is an easy, quick way to file that is available to anyone who makes $72,000 or less and is available on IRS.gov. Pay what you can Interest, plus the much smaller late-payment penalty, will apply to any payments made after May 17. Making a payment, even a partial payment, will help limit penalty and interest charges. The fastest and easiest way to pay a personal tax bill is with Direct Pay, available only on IRS.gov. For a rundown of other payment options, visit IRS.gov/payments. The IRS urges taxpayers to first 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. Normally, the late-payment penalty is one-half-of-one percent (0.5%) per month. The interest rate, adjusted quarterly, is currently 3% per year, compounded daily. If a loan isn't possible, the IRS can often help. Online payment plans Most individual taxpayers qualify to set up an online payment agreement with the IRS, and it only takes a few minutes to apply. Applicants are notified immediately if their request is approved. No need to call or write to the IRS. The IRS notes that Online payment plans are processed more quickly than requests submitted with electronically-filed tax returns. There are two main types of Online payment plans. They are: Short-term payment plan – The payment period is 120 days or less and the total amount owed is less than $100,000 in combined tax, penalties and interest. A 180-day payment plan is also possible, but it's only available by call ... https://www.youtube.com/watch?v=6j_X1BxBBkc

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