If you wish to take advantage of this payment option, you should visit the IRS.gov payments page, select the cash option in the other ways you can pay section and follow the instructions: |
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- You will receive an email from OfficialPayments.com confirming their information.
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- Once the IRS has verified the information, PayNearMe sends the you an email with a link to the payment code and instructions.
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- You may print the payment code provided or send it to your smart phone, along with a list of the closest 7-Eleven stores.
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- The retail store provides a receipt after accepting the cash and the payment usually posts to your account within two business days.
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- There is a $1,000 payment limit per day and a $3.99 fee per payment.
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Because PayNearMe involves a three-step process, the IRS urges taxpayers choosing this option to start the process well ahead of the tax deadline to avoid interest and penalty charges. |
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In this new option, PayNearMe is currently available at participating 7-Eleven stores in 34 states. Most stores are open 24 hours a day, seven days a week. For details about PayNearMe, the IRS offers a list of frequently asked questions on IRS.gov. |
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If you cannot pay in full, you should pay as much as possible to reduce the accrual of interest on your account. You should consider financing the full payment of your tax liability through loans, such as a home equity loan from a financial institution or a credit card. The interest rate and any applicable fees charged by a bank or credit card company are usually lower than the combination of interest and penalties imposed by the Internal Revenue Code. |
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If you just cannot pay your tax burden, you may request an installment agreement, which is the subject of a future newsletter. |
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Even if all these tools are available to you without the assistance of a professional, it is still our advice to contact a tax pro who may be able to give you other specialized advice to enable you to see the light at the end of your financial tunnel once again.
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