I owe taxes, but can't afford to pay all that I owe, what will happen??

I get a 1099 each year because I own my business. And I made quarterly payments last year, but not nearly enough. And I didn't have the money to pay it all, so my accountant (which is my mother, haha) said to send in all that I can and they will send me a payment plan. So that is what I did. I am wondering what I can expect. Do they just give you a certain date to pay it all by, or do they actually set up a payment plan that you must use?

Any help on this would be greatly appreciated, as I am a huge worrywart, and I'm sure I've almost given myself an ulcer just thinking about all this.

Thanks!!!!

Contact IRS at 1-800-829-0922 Balance Due Department and request an installment agreement. IRS charges a USER FEE of $105.00 for a Regular installement agreement(you mail the payments in)or $52.00 for a Direct Debit Installment Agreement. Since you are self employed and make quarterly payments your options for an installment agreement maybe slightly different.
Or download form 9465 Installment Agreement Request from the IRS website (www.irs.gov) and mail the form the to appropriate address they will notify by mail if you are granted an installment agreement.
Or you can set up the installment agreement from the IRS website. IRS usually accepts 60 month installment agreements. but do make your payment proposal as large as you can, because interest and penalties continue to accrue even though you have an installment agreement.
Good luck.

I've owed up to $8000 from not paying estimated taxes at all and made payments. They will usually send you a note saying it's all due or in two halves but you can call them and tell them how much you can afford and how often. They will work with you a little bit but keep in mind - no matter what - they will charge you late fee's and penalties the longer it takes you. I always tried to pay mine off within 3 months and usually had about $200 in late fees and penalties over and above what I owed.

you actually had to apply for a payment plan and tell them what you could afford to pay each month and then theywill let you know if they accept your offer, I did this in 2005 I owed $8,000 I paid $4,000 at time of file and than made $200.00 payments on balance each month automatic debit and it was accepted, you do have to pay them interest on top of it

First of all- is your mother a CPA--if not get one! It is better not to have family do it--have another CPA do it so they are impartial. You will have to make payments and this year start making bigger payments on your quarterlys! You don't want to get in deep with the IRS!!

If you can't pay it all at once, they'll set up a monthly payment plan.