00:01
And jill filed her taxes and found out that she owes an additional $1 ,500.
00:05
Unfortunately, she can't afford to pay that amount immediately.
00:08
What options does she have? what are the pros and cons of these options? so she could come up with a payment plan.
00:18
She can contact the irs and set up a payment plan.
00:22
This will allow her to pay the amount she owes in smaller monthly installments over time.
00:27
The pros allows her to pay out the amount owed over a longer period.
00:36
And this can be more manageable for her budget.
00:47
A con of this is that there may be fees and interest charges associated with the payment plan, which can increase the total amount she owes.
00:55
So it would be more than the $1 ,500.
01:03
She can pay with a credit card.
01:10
This can provide her with immediate relief, but the pros are that she can pay off the amount over time and avoid penalties for late payment.
01:38
Downside is that interest rates are high with credit cards...