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San Antonio tax help for IRS installment agreementsAs Benjamin Franklin once said, “In this world, nothing is certain except death and taxes.” Each year, millions of Americans are required to file income tax returns to determine whether or not they still owe the Internal Revenue Service (IRS) income tax or if they will be receiving a refund. According to the latest data from the IRS, there were nearly 158 million people who filed a tax return in 2020 for the 2019 tax year. The majority of tax filers receive a refund, but there are still plenty of people who file their taxes and have not yet satisfied their income tax liability. Nearly 30 million of those filers had tax due at the time of filing. When this happens, you will be required to pay this amount, or you could face consequences.

How to Deal With Income Tax That Is Due

If you have gone through the steps of completing your tax return, and you determine that you owe income tax, it is extremely important that you pay your taxes on time. If you do not pay on time, you will be subject to monetary penalties, and you could face further consequences. Here are a few ways you can deal with a tax bill that you cannot afford right away:

  • Use a short-term payment plan. A short-term payment plan is considered to be one that lasts for 120 days or less. This type of plan has no setup fee, but your account balance will continue to accrue penalties and interest until the balance is paid in full. 

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