Category: 
March 1, 2009
First: make sure you have done everything you can to lower your tax bill. If you have done that, you will have to pay up.
You can raise the money any number of ways:
- Borrow from your friends, family, or bank.
- Sell something like that 3rd vehicle that you do not use too often.
- Tap a home equity line of credit
- Pay by credit card through official payments.com
You can qualify for an IRS installment plan if you prove to the IRS that you do not have enough income or assets to pay now. If you owe less than $25,000 in combined tax, penalties, and interest, you can use the Online Payment Application to request a payment agreement. This application will allow you to qualify, apply for an installment agreement, and receive immediate notification of approval.
You will be charged a $105 set up fee ($52 if you OK a direct transfer from your bank) and a variable interest rate on the balance (7% now).
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