Thrifty Thinking: If You Have to Pay the IRS

As tax day fast approaches, a number of Americans may have to pay the government rather than receive a refund.

But what should you do if you owe the IRS money and can't pay?

Mike Savage is a CPA and the CEO of 1-800Accountant, one of the premier virtual accounting firms in the country who currently advises over 200,000 taxpayers.

Mike's expertise has been featured in NPR's Marketplace, Business Insider, Bustle, CNBC, Reuters, US News and World Report, USA Today, and countless other publications as an expert in all things taxes and small business strategy. 

Mike's Thoughts:

• Basically, if you find yourself in this situation, you can submit an installment agreement request with your tax return.
• You would include Form 9465, Installment Agreement Request, with the return that you are filing
• The IRS will typically accept your installment agreement if you meet certain criteria: the total tax you owe does not exceed $10,000 and the monthly payments you have proposed will pay your tax debt in full, including interest and penalties, within three years.  

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Mike Savage is the founder, owner, and CEO of 1-800Accountant, a virtual accounting firm that is redefining small business services through technology. Mike is a 2018 recipient of the Glassdoor Top CEOs award. A savvy finance expert with more than 20 years in accounting experience, Mike’s proficiency in tax law is unsurpassed. He spent several years as a Certified Public Accountant at PricewaterhouseCoopers, where he worked on high profile audits in that firm’s fraud division. Along the way, Mike recognized that small ventures can benefit from the same tax services that big enterprises receive. Eventually, 1-800Accountant was born. Mike has become an industry leader, by eliminating bookkeeping and tax preparation anxiety for small business owners.