If you owe money to the IRS, whether in the form of back taxes or a large tax bill from this year, you have a few options to help you ease your payment and make tax debt less of a burden. One of these options is an installment agreement. Installment agreements allow the taxpayer to pay down debt over time. In many cases, the IRS is looking to get as much money as they possibly can from someone who has tax debt. If paying down a bit of the total sum every month much the same way that you would a mortgage or a car payment is the only way that you will be able to pay, the IRS is likely to work with you.
Learn more about installment agreements and contact Solvent Tax Relief today at 800.985.9426 for assistance with installment agreements and other tax resolution services.
What Is an Installment Agreement?
Any taxpayer or authorized representative can apply for a payment plan. A short-term payment plan is one option available to taxpayers. In this option, taxpayers pay down their balance in under four months. However, a long-term payment plan, also known as an installment agreement, is where the taxpayer pays down their debt over a period of time greater than four months.
Installment agreements are often ideal for both the IRS and the taxpayer for several reasons:
- Taxpayers do not have the entire sum of their debt taken out of their account at once
- Taxpayers can budget for these payments
- The IRS can charge setup fees for long-term payment plans
- The setup fee can be waived for low-income taxpayers
- The IRS charges interest until the balance is paid in full
At Solvent Tax Relief, we provide help with IRS installment plans. Our tax professionals will communicate with the IRS on your behalf and will work to achieve the best solution for your tax debt negotiation.
How to Get an Installment Agreement
If you think that an installment agreement could help you resolve tax debt and ease any financial burden, contact Solvent Tax Relief today. What steps can we take to help you get approved for a payment plan?
In order to apply for an installment agreement, there are a few things that you will want to have on hand. You will need a way for the IRS to contact you, such as an email address or cellphone number. You’ll also need your bank account information. Additionally, you will need to have your social security number, date of birth, and filing number nearby. Your tax professional will collect all the information they need before they contact the IRS.
The best way to determine how much you owe is to contact the IRS directly. They will be able to tell you a number that includes any penalties and accrued interest. You or your tax professional will then fill out an installment agreement request. Once the IRS agrees to the installment plan, you can pay either through direct debit, where payments are automatically withdrawn from your bank account, or through a check or a money order that you mail into the IRS.
Contact Solvent Tax Relief for IRS Installment Plan Help
To ensure that the IRS agrees to your installment plan, enlist the help of a tax professional. At Solvent Tax Relief, we provide a number of tax relief services to help those who have unpaid tax debt. We can help reduce your financial burden by coming up with an installment plan so you can pay off the debt over time. In many cases, we can help taxpayers pay less than what they originally owed. To learn more about our tax relief services and our other areas of expertise, contact Solvent Tax Relief today at 800.985.9426.