Educational Tax Tip: Short-Term vs. Long-Term IRS Payment Plans

Do you know the difference between an IRS short-term payment plan and a long-term payment plan? A short-term plan lets you repay your tax debt within 180 days with no setup fee, while a long-term plan allows for monthly payments over more than six months but includes a setup fee, which is reduced if you choose automatic Direct Debit payments. Both options accrue penalties and interest, so paying off the debt as quickly as possible is always best.

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