Family Finance: IRS installment plans - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Family Finance: IRS installment plans

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GARDEN CITY, GA (WTOC) -

Filed your taxes yet? The clock is ticking, but you still have a little less than a month to get it done. If you're worried you owe money to the IRS, there's options out there to help you get out of debt.

If you don't have the cash right now to payback Uncle Sam, you might want to consider an installment plan. The IRS allows you to make monthly payments if you're financially unable to pay your tax debts right away. Tax experts say you can pay as little as $50 a month, but you have to make those arrangements as early as possible.

Teinique Gadson with the Volunteer Income Tax Assistance sites for the City of Savannah told WTOC the IRS will be flexible depending on your situation.

"It's something that they have to approve and basically they look over your finances based on the tax return that you filed and see how much you're willing to pay and how much you're willing to afford. The thing about it is, you don't want to default on the tax agreement. You always want to pay your monthly payment every month."

Gadson also said if you do default on your monthly payments, you could be forced to pay your entire balance at one time.

For more information on how to apply for the installment program, click here.

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