Yes, you can request a payment agreement with the IRS to pay your taxes. You can do this online. You will still be charged interest, but you won't be charged failure to pay penalties. Depending on the amount you owe and the time you take to pay, you may or may not have additional fees.
Thank you. What would be best to do monthly or 180 day pay?
The quicker the debt is paid the less you will have to pay. Interest is added to the balance until it is paid off completely. The 180 day pay would be the least expensive way if you are able to pay within the time frame.
From the IRS:
The setup fee may be waived if you qualify.
If you believe that you meet the requirements for low income taxpayer status, but the IRS did not identify you as a low-income taxpayer, please review Form 13844: Application for Reduced User Fee for Installment AgreementsPDF for guidance. Applicants should submit the form to the IRS within 30 days from the date of their installment agreement acceptance letter to request the IRS to reconsider their status.
Internal Revenue Service
PO Box 219236, Stop 5050
Kansas City, MO 64121-9236