For individuals who find themselves unable to pay their taxes in full, the Internal Revenue Service (IRS) offers an option of setting up an installment agreement. This option allows taxpayers to pay their tax liability in manageable, monthly payments rather than a lump sum.

An installment agreement can be set up either online or by mail, but for those who prefer to have a physical copy, a printable IRS installment agreement is available. The printable form can be found on the IRS website and is known as Form 9465.

Form 9465 is a request for an installment agreement and allows taxpayers to propose monthly payment amounts and the date they would like payments to be made. It also requires taxpayers to disclose their financial information and to state why they are unable to pay their tax liability in full.

Before filling out the form, taxpayers should ensure that they meet all of the IRS`s eligibility requirements. These include having filed all necessary tax returns, owing less than $50,000 in tax debt, and being able to pay off the tax debt within six years.

Once the form is filled out and submitted, the IRS will review the proposed payment plan and notify taxpayers if it has been approved. In some cases, the IRS may request additional information or propose a different payment plan.

It`s important to note that interest and penalties will continue to accrue on the unpaid tax liability until it is paid in full. Taxpayers in an installment agreement will also be charged a fee for setting up the plan.

Setting up an installment agreement can provide relief to taxpayers who are struggling to pay their taxes. The printable IRS installment agreement form makes it easy for individuals to request this option and take the first step towards resolving their tax debt.

As a final note, it`s important for individuals to remember that an installment agreement is a legally binding contract with the IRS. Failure to make payments on time or to comply with the terms of the agreement can result in penalties and even further collection actions by the IRS. Therefore, it is crucial for taxpayers to budget and plan accordingly to ensure they can make their monthly payments in full and on time.