April is National Financial Literacy Month. To mark the occasion, MarketWatch will publish a series of “Financial Fitness” articles to help readers improve their fiscal health, and offer advice on how to save, invest and spend their money wisely. Read more here.) Tax Day is almost upon us. If you need more time to sort through your documents, you can get an extension to file by Oct. 16 — as long as you request that extension by April 18. But what if you simply don’t have enough money to pay the taxes you owe? As Americans contend with pocketbook issues such as inflation and recent layoffs, more people than ever might be asking that question this year.
Fear not, though — there are things you can do, like paying the Internal Revenue Service in installments, either through a buy now, save later (BNPL) plan or through the IRS’s own installment plan. Yes, the IRS has a payment plan, but there are caveats. The IRS’s installment agreement includes short-term payment plans up to 180 days, as well as long-term plans known as installment agreements that let you pay your tax bill over a couple of years. What is the IRS’s installment agreement? Taxpayers enter into millions of installment agreements every year, making that the most common collection alternative for those who are unable to pay …
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