umb skin1 Web Content Viewer

umb skin2 Actions

Paying taxes 101

Date posted:  4/19/16 09:00:00 AM

Tax season can be a stressful time of year. From making sure you have all the right documents to filing your taxes correctly, you might feel overwhelmed with the whole process. However, after completing your taxes, you may find you owe money, which can be an additional stress.

If you owe taxes, you should know what your payment options are and how to apply for an IRS payment plan to make it easier to repay.

Payment options 
According to the IRS, you can pay what you owe in taxes in a variety of ways. From same-day wires, checks and electric funds withdrawal and monthly installments, you will be able to find a payment method that works for you and your situation.

Speak with your tax preparer or visit the IRS's website to learn more about the specific way you want to pay.

For your safety, only pay for taxes through a secure tax payment option online or by phone. Also keep in mind IRS agents do not call to request payments. This may be a scam or criminal attempting to steal money or your identity.

Apply for an online payment agreement 
The IRS indicated you will likely qualify for online payment plans if you owe less than $50,000 in taxes. Apply by providing the IRS with the following information: 

  • Your name 
  • Email address 
  • Date of birth 
  • Address from most recent tax return 
  • Filing status 
  • Social Security number or individual tax ID number

Using the secure online system also allows you to avoid waiting on the phone as this time of year is typically busy for tax professionals working for the IRS.