If you can’t pay your federal taxes in full, you may be eligible for an installment payment plan, now called a Simple Payment Plan. To use it, you must be current with all filing and payment requirements. You qualify for the payment plan as a business if taxes are $50,000 or less (assessed taxes, penalties, and interest). If you have outstanding trust fund taxes (withholding from employees), you qualify for a payment plan if they’re $25,000 or less ($50,000 or less for an out-of-business sole proprietorship). Apply through your Online Account for Individuals or call 800-929-4933 (for businesses). #IdeaoftheDay
