While many Americans get a tax refund from the Internal Revenue Service each year, some taxpayers owe. Sometimes the bill can be too large to pay in one payment, so the IRS has several ways for people to pay their tax bill.
How do I pay when I file?
Your payment options depend on if you file through the mail or through electronic means. If you file online with TaxSlayer, you can pay in a couple of ways.
- Electronic Withdrawal – Provide your bank’s routing number and your account number to have the amount withdrawn on a date of your choosing, before April 15th.
- Credit Card – If you would rather pay with your credit card, there are several third-party payment companies who can process your payment.
If you owe on your state return, some states allow you to pay directly on their website using debit, credit, or electronic funds transfer.
If you need to mail in your payment, pay using check or money order.
For more information about paying with TaxSlayer or by mail, visit our Knowledgebase.
What if I can’t pay now?
If you can’t pay your tax bill when you file, you have several options.
Schedule an automatic payment from your bank, like many people do with regular bills. Schedule the payment for any day before April 15th.
The IRS also has several payment plans in place for you to use.
- Short-term payment plan – If you need less than 120 to pay your bill in full, apply for this plan to pay monthly automatic payments.
- Long-term payment plan 1 – If you need more than 120 days to pay, use this plan to pay through direct debit.
- Long-term payment plan 2 – This plan is very similar to the plan above, but includes paying through direct pay, debit/credit card, check, or money order.
- Restructure a payment plan– If your current plan is not working for you, or you owe more money, you can restructure your plan to give you more time or add additional fees.
- Reinstate a payment plan – If you previously had a payment plan and need to reinstate it for the current tax year, you can apply to use your same plan again.
- Offer in Compromise – If you meet strict IRS requirements, you might be able to settle your tax bill for less than you actually owe.
- First Time Penalty Abatement – If you meet certain guidelines, you might be able to waive any late filing penalties.
What if I don’t pay?
If you fail to pay your tax bill by April 15th, you will begin to incur penalties and fees beginning the day after you fail to pay.
Read more about what the tax penalties are here.
Some of the more serious consequences include:
- A federal tax lien can be filed against your property.
- Your salary/accounts can be seized through a tax levy.
- You can be served a summons asking you to provide more information.
Read more about what happens if you don’t pay your taxes here.
Helpful Tax Bill Tips
TaxSlayer has you covered when it comes to your taxes, and even when it comes to paying your tax bill.
- Your refund can be used to offset your bill.
- Check your withholdings now to make sure you don’t owe more next year.
- You might be able to borrow from your 401(k) to pay your tax bill.