If you owe the IRS and can afford to pay them in 72 months or less, you may qualify for an installment agreement. The IRS will charge a fee for the installment agreement, but the fee is waived for low income taxpayers or taxpayers who can pay within 120 days. The installment agreement still permits you to request a reduction of penalty & interest and other tax savings methods. If approved, your installment agreement could be redone to reduce your monthly payments. An installment agreement is an excellent option for quick relief for taxpayers who currently have an IRS Wage Garnishment or are subject to an IRS levy.