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Issue Number: Tax Tip 2024-31Options for taxpayers who need help paying a tax bill Taxpayers who can’t pay their tax bill by the April 15, 2024, deadline shouldn’t panic – the IRS is here to help. There are several options to help taxpayers meet their obligations. It’s important for taxpayers to file their tax return or request an extension of time to file at IRS.gov/extension by the April 15, 2024, deadline – even if they can’t pay their full tax bill. This will help them avoid a failure to file penalty. This extension applies only to the filing deadline, not the payment deadline. Except for eligible victims of recent natural disasters who have until Oct. 15 to make various tax payments, taxpayers who can’t pay the full amount of taxes they owe by April 15 should file and pay what they can. Making a payment, even a partial payment, will help limit penalty and interest charges. Help for taxpayers who can’t pay in full Online payment plans Short-term payment plan – The payment period is 180 days or less, and the total amount owed is less than $100,000 in combined tax, penalties and interest. Offer in compromise Taxpayers can see if they’re eligible and prepare a preliminary proposal with the Offer in Compromise Pre-Qualifier Tool. Penalty relief to eligible taxpayers Penalties may apply Interest is based on the amount of tax owed and for each day it’s not paid in full. The interest is compounded daily, so it’s assessed on the previous day’s balance plus the interest. Interest rates are determined every three months and can vary based on type of tax — for example, individual or business tax liabilities. More information is available on the interest page of IRS.gov. More information
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