If you owe taxes you can't pay, the IRS will automatically approve an installment agreement for balances under $50,000, as long as you've filed returns for the past six years. You'll pay 8% interest, so prepay when you can. Don't be ashamed about it.
you can do an installment agreement with the IRS. Very easy to do. As long as you've got all your tax returns filed for the last 6 years, they will automatically accept an installment agreement under $50,000 and put you on a payment plan. That's one of the best things to do to at least get this behind you and start having that regular payment plan. That's okay. Don't shame yourself. Don't be embarrassed about it. Talk to people. I say, I'm on a payment plan with the IRS. Own it. Get that thing paid off. They don't even care if you prepay it. Pay it as soon as you can. But an installment agreement is not great because it's an 8% interest rate. And by the way, interest will continue accrue as well. So you got to get this thing taken care of as fast as you can. So get an installment agreement as the last resort.
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