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Web1. Short-term IRS payment plan. This repayment plan, offered through the IRS, gives you 120 extra days to pay off your tax bill. However, this extension comes with a few stipulations you should know about: You’ll be charged interest and other penalties while you’re repaying, so it’s best to pay it off ASAP rather than wait the full 120 days. WebMar 29, 2024 · Apply for an installment agreement. If you owe $50,000 or less in combined income tax, interest, and penalties, and have filed all tax returns, Zamanoff says you may qualify for a long-term payment plan, known as an installment agreement, which allows you to pay down your debt in monthly installments over an extended period of time. hovis towing pa
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