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In IR-2024-116, the Internal Revenue Service (IRS) outlined ways that late tax filers could comply with filing and payment rules.
While over 139 million taxpayer returns were filed this year, there are some individuals who may have neglected to file because they were not able to pay their full tax bill. The IRS encourages these taxpayers to file and start making as many payments as possible. Taxpayers who file and start to make payments can reduce their late-filing penalties and interest.
The IRS explains that there are five main options for making tax payments.
If you are paying a previous year's tax liability, you may want to include IRS Form 1040-V, Payment Voucher. You should be careful to mail the payments to the correct address. If you are paying by cash through a participating retail store, there is a $500 limit per payment, and a processing fee.
Some taxpayers are not able to pay in full and establish a payment plan. On IRS.gov, the Online Payment Agreement (OPA) tool can be used to set up a payment plan. Another option is an "Offer in Compromise," though which the IRS accepts an amount less than the original tax. You may use the Offer in Compromise Pre-Qualifier tool on IRS.gov to determine eligibility. Finally, there are circumstances in which taxpayers are in a difficult financial condition and the IRS grants them a delay in the tax collection.
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