00:00This year's April 18 tax deadline is just around the corner and many Americans are sweating because
00:06they lack the funds to pay their bill in full. According to Next Avenue, payment plans are
00:11available and Nina E. Olson, Executive Director of the Center for Taxpayer Rights, says the worst
00:18thing to do with the IRS is to do nothing at all. Olson reiterates late payment penalties and
00:24interest on the debt can cause you more strife than the original tax payment. Other than seeking
00:29help, you may be eligible for an extended installment plan where you can take as long as six years
00:35to pay what you owe. A taxpayer who cannot pay anything should request to be deemed currently
00:40not collectible. And lastly, perhaps the most popular program for those who don't have their
00:45full tax funds is an installment plan known as an offer in compromise. This allows you
00:51to settle your tax debt for less than the full amount owed.
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