Owe Back Taxes – Make Payments to IRS – Payment Plan Options 1-866-700-1040
Let former IRS agents, managers and tax instructors settle your tax debt and review all the options you have available to immediately and permanently resolve your case.
If you owe back taxes to the Internal Revenue Service and you would like to make payments to the Internal Revenue Service you have several options.
Contact us today for free initial consultation and we can find out what your best option are to completely resolve your IRS matter once and for all.
We can find an installment agreement that both you and the Internal Revenue Service can live with.
When you owe back taxes and wish to make payments to the Internal Revenue Service , the key ingredient to understand is how much you owe in back taxes and how long will it take before you can pay the liability out. Those two factors will determine the type of installment agreement that you will have and your payment plan options.
Dollar Amounts owed on Back Taxes
If you all under $50,000 in tax, we can set up a streamlined agreement for you with the Internal Revenue Service. You can make 72 equal payments to resolve your tax debt completely.
If you owe over $50,000 the internal revenue service will want a completed 433F financial statement along with all documentation to support the financial statement along with pay stubs and bank statements. Your financial statement will be based on ability to pay and the IRS will look to your current income and necessary living expenses.
You should contact us today directly if you owe over $50,000 because those types of IRS installment payments require more skilled planning.
Making monthly payments when you owe back taxes
You can make monthly payments through an installment agreement if you’re not financially able to pay your tax debt immediately.
However, you will reduce or eliminate the amount of penalties and interest you pay and avoid the fee associated with setting up an installment agreement if you pay your tax bill in full.
Before you apply:
a. File all required tax returns;
b. Consider other sources (loan or credit card) to pay your tax debt in full to save money;
c. determine the largest monthly payment you can make ($25 minimum); and
d. Know that your future refunds will be applied to your tax debt until it is paid in full.
Fees for setting up an installment agreement:
1. $52 for a direct debit agreement;
2. $105 for a standard agreement or payroll deduction agreement; or
3. $43 if your income is below a certain level.
Understand your agreement, avoid default
To keep your account in good standing:
a. Pay at least your minimum monthly payment when it’s due (direct debit or payroll deductions make this easy);
b. Include your name, address, SSN, daytime phone number,
c. File all required tax returns on time;
d. Pay all taxes you owe in full and on time (contact us to change your existing agreement if you cannot);
e. Continue to make all scheduled payments even if we apply your refund to your account balance; and
f.ensure your statement is sent to the correct address, contact us if you move or complete and mail Form 8822, Change of Address (PDF).
Should you default your agreement
There may be a reinstatement fee if your agreement goes into default.
Penalties and interest continue to accrue until your balance is paid in full. If you are in danger of defaulting on your payment agreement for any reason, contact the IRS immediately.
Owe Back Taxes – Make Payments to IRS – Payment Plan Options
