{"id":5074,"date":"2025-04-03T11:25:06","date_gmt":"2025-04-03T16:25:06","guid":{"rendered":"https:\/\/cookco.us\/news\/?p=5074"},"modified":"2025-04-03T11:25:15","modified_gmt":"2025-04-03T16:25:15","slug":"payment-plan-options","status":"publish","type":"post","link":"https:\/\/cookco.us\/news\/payment-plan-options\/","title":{"rendered":"Payment Plan Options"},"content":{"rendered":"\n

Reminder to those who owe: Payment plan options are available<\/strong><\/p>\n\n\n\n

WASHINGTON \u2014 The Internal Revenue Service today reminds taxpayers that they don\u2019t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there are payment plans available to help them pay their tax obligation.<\/p>\n\n\n\n

Tax returns for 2024 are due on April 15, 2025, with exceptions for taxpayers in a disaster area<\/a>, combat zone<\/a> or living and working abroad<\/a>.  April 15 is also the deadline for making tax payments<\/a> to avoid late charges such as interest and the late payment penalty.<\/p>\n\n\n\n

The IRS urges those who cannot pay their full balance to file and pay as much as they can<\/a> on or before April 15. Filing on time avoids the late filing penalty, which is usually 5% per month on the unpaid balance.<\/p>\n\n\n\n

In addition, by paying at least part of what they owe on time<\/a>, taxpayers can reduce the amount of interest and late payment penalty that will be added to any payments made after April 15. Currently, the interest rate is 7% per year, compounded daily, and the penalty rate is usually 0.5% (one-half of one percent) per month.<\/p>\n\n\n\n

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For anyone with unpaid tax, the IRS cautions that requesting an extension<\/a> is not a solution because it only gives a taxpayer more time to file, not more time to pay.<\/p>\n\n\n\n

Online payment plan options<\/strong><\/p>\n\n\n\n

Most individual taxpayers qualify for a payment plan. The quickest and easiest way to set up a payment plan is through the Online Payment Agreement<\/a>, available on IRS.gov. Setup fees may apply.<\/p>\n\n\n\n