An installment agreement is an IRS payment plan that allows taxpayers to pay off their tax debts over a period of time, instead of a lump sum payment. If you find yourself unable to pay your tax bill in full, an installment agreement can be a lifesaver. TaxSlayer, the online tax preparation software, can help you set up an installment agreement with the IRS.

First, it`s important to determine if you are eligible for an installment agreement. The IRS typically approves installment agreements for those who owe less than $50,000 in taxes, penalties, and interest and can pay off the debt within 72 months. If you owe more than $50,000, you`ll need to provide financial documentation to prove you can make the monthly payments.

Once you`ve determined your eligibility, you can begin the process of setting up an installment agreement with the IRS through TaxSlayer. Here are the steps to follow:

1. Log in to your TaxSlayer account and click on the “IRS Payment Plan” button.

2. Answer a series of questions to determine the type of payment plan you qualify for, including the amount you owe and the time frame in which you can pay it off.

3. Provide your personal and financial information, including your Social Security number, employer information, and bank account details.

4. Review and sign the installment agreement agreement electronically.

5. If your installment agreement is approved, make your monthly payments on time to avoid any additional penalties and interest charges.

In addition to helping you set up an installment agreement, TaxSlayer can also provide guidance on other tax payment options, such as an Offer in Compromise or Currently Not Collectible status. However, it`s important to note that these options typically require the assistance of a tax professional.

Overall, if you find yourself struggling to pay your tax bill, an installment agreement through TaxSlayer can provide a flexible and manageable payment plan to help you get back on track with your finances.