noun. any of the parts of a debt or other sum of money to be paid at regular times over a specified period; any of several parts, as of a serial story, appearing at intervals

installment (plural installments) The act of installing; installation. Take oaths from all kings and magistrates at their installment, to do impartial justice by law. Milton.

in·stall·ment  1 also in·stal·ment   (n-stôl m nt) n. 1. One of a number of successive payments in settlement of a debt. 2. a. A portion of something, such as a publication ...

installment - definition of installment - The regular periodic payment that a borrower agrees to make to a lender.

Whether you call it an installment agreement, payment agreement, payment option or a payment plan, the idea is the same — you make payments on the tax you owe.