How to Make IRS Monthly Payments
Contrary to popular belief, the Internal Revenue Service (IRS) is not an entity that takes all of your money! As a US citizen, we are obligated to pay taxes that go toward compensating public workers who help maintain our country. When these tax payments are neglected, the budget toward public workers, parks, the upkeep of our roads and highways and such are shortened, creating a deficit in the budget that ultimately ripples throughout the national budget.
This is why the IRS makes it a point, whether it is next year or years down the road, to collect what is owed to them—to true up on the projected budget. It’s like planning to pay a car note, but your employer doesn’t pay you what you are owed. In order to pay the car note, one might have to borrow money from somewhere else, creating a debt that needs to be paid. This same concept applies to why the IRS are serious about their money and why it is imperative that pay the IRS what you owe. If for some reason, you cannot afford it, then the IRS will gladly make arrangements for the taxpayer to make monthly payments.
Organize Your Paperwork
Before arranging monthly payments with the IRS, it is important to know exactly how much money you owe. The IRS can calculate this for you. However, it is best to organize your paperwork and make a copy of it in case the IRS or your tax relief consultant requests it.
Determine How Much You Can Afford to Pay
If the IRS had it their way, they would accept a lump sum. For some people, this is not possible. Yet, if the IRS has concluded that you owe taxes, then you must pay! If you are not able to pay the full amount, it is up to you to determine how much you can afford to pay. The IRS will appreciate this. Paying something is better than neglecting to pay anything at all.
Communicate with the IRS
Communicating with the IRS is the wisest thing to do if you owe them and cannot afford to pay in one lump sum. Avoiding the responsibility of paying the IRS will only delay the evitable sentence of added penalties. How much these penalties will be is up to how swiftly you respond to making the payment arrangements. After determining how much you can afford to pay, convey this information to the IRS. They will then assess your case and confirm or adjust the monthly amount. It is also within your right to negotiate the amount that you are comfortable paying. Remember, the IRS wants their money, but they are patient when it comes to collecting.
Start the Process Now!
Success Tax Relief has been working with taxpayers for more than 30 years. We specialize in communicating directly with the IRS on our client’s behalf. If you owe the IRS and need to arrange monthly payments, we can assist you. Get the process started by contacting us online or calling 1-877-825-1179. We can help you develop an affordable plan for repayment that will work for you.