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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3002
Experience:  IRS licensed Enrolled Agent and tax instructor
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I already have an installment agreement with the IRS but I

Customer Question

I already have an installment agreement with the IRS but I owe again for 2015. I can pay them in full for 2015 probably this coming August. Should I file a 6 month extension and file the taxes when I can pay them within the 6 months or file by 4/15 and restructure the agreement? I owe about 20 K now and an additional 4 K for 2015.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. Continue your installment payments, you do not want to default on those. Now, the extension will extend your filing deadline but not your deadline to pay. If you owe you owe do not pay at least 90% by April 18 you will be hit with penalty and interest but penalty for not paying on time is much smaller than penalty for not filing on time. So my suggestion is, file on time if you can or file an extension. Than start making payments. If you can afford and plan to pay it within 6 month you do not need another installment agreement.
Expert:  emc011075 replied 1 year ago.
Any questions? Is there anything else I can help you with today?
Expert:  emc011075 replied 1 year ago.
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.