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Is It Possible to Pay Taxes in Monthly Installments?

Is It Possible to Pay Taxes in Monthly Installments?

By on Mar 15, 2016 in Tax Tips, Taxes | 0 comments

bookkeeping-615384_640In one word: yes! It is not uncommon for the most lucrative taxpayers to owe a tax debt to the Internal Revenue Service (IRS). Furthermore, it is common that most of these wealthy taxpayers might not be able to pay their tax debt to the IRS in the full amount. In cases like this, the IRS will allow these taxpayers to pay in monthly installments until the debt they owe is fully paid.

The monthly installment option is essentially the same for all taxpayers. Of course, each person’s tax situation is different and must be assessed on a case-by-case basis. The important thing to know here is that it can be done. So if you discover that you suddenly owe the government in taxes, no matter what the amount is, the IRS will work with you to determine a reasonable amount that you can afford to pay.

Honor the Payment Agreement, or Else…

As reasonable as this all sounds, the IRS is quite strict when it comes to honoring this agreement. One default or late payment can breach the monthly payment arrangement rendering one responsible to pay the entire amount up front. This can spiral into more problems as it had already been established that the taxpayer wasn’t able to do this, which is why a monthly agreement was made in the first place.

If this applies to you, the best thing to do is honor the monthly payment arrangement you promised to the IRS. If you default, the IRS will take more aggressive actions. Garnishment of wages is usually the next step. This is something you want to avoid because by law, the IRS has the right to garnish up to a certain percentage from a taxpayer’s income regardless of how much—or little he or she makes. Wage garnishment is usually bad news for taxpayers because in most cases, if not all, the IRS will take the maximum amount allowed in order to clear the debt owed to them.

Can You Negotiate After Your Wages Have Been Garnished?

Anything is possible. If you have reached a situation where your wages have been garnished, chances are you may have lost some credibility with the IRS. They may not trust you to enter into another payment arrangement. However, they will trust a tax relief professional.

The IRS is more likely to listen to a tax relief company because they understand the tax laws and how the IRS operates better than the average citizen. Tax relief professionals have gone to school to learn about the tax system and will also have the experience of resolving tax issues, making them seasoned professionals to solve any tax problems you might have.

Which Tax Relief Company Should You Contact?

Success Tax Relief has been in the tax resolving business for over 30 years communicating to the IRS for taxpayers just like you. We have direct access to Certified Public Accountants (CPA), tax attorneys, financial analyst, case coordinators, tax preparers, and consultants. If you could use the assistance of a tax relief professional, contact the experts at Success Tax Relief and schedule a consultation appointment with us online today. You can also call us at 877-825-1179 right now!

 

 

 

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