It’s tax time! For many, tax season can be stressful as people are not sure they will have the funds to pay their taxes. Luckily, if you fall into this category, the IRS has a few different options that you can consider to help ensure your taxes are fully paid. It is important to make sure that you work out a plan to get your taxes paid, as ignoring the situation can lead to serious, high penalties and accrued interest that will increase the overall amount you have to pay back.

So, what is tax relief? Ultimately, tax relief means that you are working hand-in-hand with the IRS to determine a payment plan or a settlement that will work for you. It is vital to note that getting tax relief does not mean that you are erasing all that you owe, it is simply taking care of the debt in an easier way for you. There are a few different ways that you can get tax relief, including, but not limited to:

• An installment agreement with the IRS. If you cannot pay your full tax bill by the day that it is owed, you can work with the IRS on an installment plan, where you will pay monthly payments via credit card, payroll deduction, or other methods. If you decide to move forward with this plan, you will work directly with the IRS to determine whether this is a short-term installment plan or long-term, and how much you will owe each month.
• Penalty abatement. For those who are experiencing the stress of not being able to pay their tax debt for the first time, you can apply for a “first-time penalty abatement,” meaning that all penalties tacked on for not filing or paying on time will be fully eliminated.
• Payment extension. Perhaps you will be able to get the funds owed, but not in time for when the payment is owed. In this case, you can get up to an additional 120 days to pay in full by agreeing to a “full payment agreement” with the IRS. The downfall of this plan is that you will continue to see more penalties and fees added to the overall total for this extension.