How to Set Up a Tax Payment Plan

If you're concerned that you don't have enough money to pay your taxes, there are options. This page will help you learn how to set up a tax payment plan with the IRS or your state department of revenue.
Disclaimer

The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

Introduction
- If you don't pay your taxes, you will be subject to fines, penalties, seizure of assets, and perhaps jail. If you're faced with a tax bill that you can't afford, both the IRS and state departments of revenue have provisions for you to set up a payment plan.
Step 1: Prepare Your Taxes
([http://www.irs.gov/pub/irs-pdf/f9465.pdf Form 9465 from the IRS
- Even if you think you can't afford to pay what you will owe, prepare your taxes, and file them by the due date. This ensures that you won't be subject to a failure to file penalty, which can add as much as 25% to the amount you owe.
What Is a Tax Payment Plan?

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Step 2: Set Up an IRS Tax Payment Plan
- The IRS has three methods you can use to set up a payment plan. In each case, you'll need to pay a fee, select a payment amount, and commit to a monthly payment date.
1. File Form 9465.
2. Apply online.
3. Establish a plan by calling 1-800-829-1040.
Step 3: Set Up a State Tax Payment Plan
- Each state has their own policies and procedures for setting up a payment plan.
1. The information may be contained in the instruction booklet that came with your tax forms.
2. You can go to your state's department of revenue website to view their procedures for requesting a payment plan.
3. If the information is not available call the customer service center, and let them know you'd like to speak to someone about arranging a payment plan.
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