Can I pay my Federal and State taxes in monthly payments rather than in one lump sum? How can I do that?

[WillK]

Yes, the IRS and most states will allow you to set up an installment agreement so you can make monthly payments towards the taxes owed. 

For the IRS click here: https://www.irs.gov/payments

For your state, you can go to your state's department of revenue website and they should have an installment agreement form you can fill out, or you can call and talk with a tax specialist.