Did you know that the IRS is often willing to set up an installment plan for you to pay your back taxes and penalties? This may be surprising, but can be a very viable way to work towards resolving all of your IRS problems. In certain circumstances, the IRS will allow you to make monthly payments through an installment plan if you cannot afford to pay the full debt all at one time.
First Step: The first step in the process of requesting approval from the IRS for an installment plan is to file all of your past tax returns before you request an installment payment plan. This is not always easy and often requires a fair amount of time and patience, but it is an IRS requirement before an installment plan can be established. Once all of your filings are current, you can submit your application to the IRS for an installment plan to pay off back taxes, and/or any associated penalties.
Once you submit your application, the IRS will review it and, if it is approved, will determine how much money you can afford to pay each month, based on your annual income and your expenses. They will also come up with the time period in which you will have to pay the debt off. This step takes you out of the dreaded “collections” category and you will quickly notice that the correspondence, phone calls and follow-up from the IRS will stop. Paying your installment on time each month will also keep the IRS from levying your bank account or income or even putting a lien on your property.
The fastest and most simple way to complete the necessary requirements for an installment plan application is to hire a dedicated tax firm to help you through the entire process. Success Tax Relief brings over 30 years of experience managing a wide variety of tax problems for the everyday consumer and small business owner, including helping people just like you set up installment payment plans with the IRS. Our team of tax professionals is standing by waiting to take your call and is ready to get started working for you. We work with the IRS every single day and know what they are looking for, how best to communicate with them and the strategies to employ to achieve a successful outcome. We can take away the headaches of trying to negotiate this process on your own. Call us today at 1-877-958-6638 for a no obligation, risk free consultation.
You should know ahead of time that there are some small fees that the IRS routinely charges for setting up these payment installment plans. We have included this information below as we think it is very important to have all the facts before you make an important financial decision.
IRS Fees for setting up an installment agreement:
- $52 for an agreement using a direct debit account
- $105 for a standard agreement or payroll deduction agreement
- $43 if your income is below a certain level.
Once Success Tax Relief has helped negotiate your installment agreement with the IRS, it is very important to note a couple of additional items:
- You will be paying interest on the balance of your tax debt – this is included in your monthly payment.
- The IRS will continue to assess penalties until your debt is paid in full
- Future refunds will be applied to your tax debt until it is paid in full
- There may be a reinstatement fee if you default on your agreement
- The IRS will generally not take steps toward collections during the following times:
- When an installment agreement is being considered
- While an agreement is in effect
- For 30 days after a request is rejected, or
- During the period the IRS evaluates an appeal of a rejected or terminated agreement.
It is very common to have multiple tax problems, making it even more necessary to get help from a tax firm like Success Tax Relief. In addition to providing help to clients who are trying to set up installment plans, our team can help with the following additional issues:
- Offer In Compromise
- Stop liens, levies, and garnishments on your income and property
- Handle unfiled tax returns
- Settle Payroll Taxes
- Stop and reduce interest and penalties
- Audit Representation
- Audit Appeal or Audit Reconsideration
- Tax Preparation
No problem is too big, no tax issue is too small. We can help you solve all of your tax problems quickly and easily, and get this monkey off of your back. You will no longer have to carry the burden yourself and watch your problems get worse and worse. Success Tax Relief is committed to treating each and every one of our valued customers with respect and dignity and will maintain contact with your throughout the process so that you know what to expect and what the next steps are, every step of the way. We will not close your case until you are satisfied that everything possible has been done to solve your problems. Our experienced team of tax professionals at Success Tax Relief will provide compassionate and responsive customer service. Our prices are extremely reasonable and competitive and we have often been told that our fees are well worth the peace of mind that our customers feel after working with us.
Now is the time to take the first step to putting your tax problems behind you. Waiting will only further complicate your tax problems and ultimately will cost you more money in back taxes and penalties. Call Success Tax Relief at 1-877-958-6638 and you can get started today. The sooner the better and you can instantly feel relief knowing that your problem is being handled, and that someone else is communicating professionally with the IRS on your behalf. Our tax team is standing by, waiting for your call and waiting to help you. Before you know it, these tax problems will be a thing of the past and you can start fresh, with a clean slate.