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Over 25 million taxpayers last year received billing notices from the IRS. That is certainly a record number mostly due to the turn in the economy and the effects of a depressed market conditions.
With that said, many taxpayers are stuck with tax bills that they cannot afford to make. There are several solutions available for taxpayer looking for payment options for back IRS taxes.
The IRS has announced an effort to help struggling taxpayers get a fresh start with their tax liabilities.
The goal of this effort is to help individuals and small business meet their tax obligations, without adding unnecessary burden. Specifically, the IRS has announced new policies and programs to help taxpayers pay back taxes, avoid tax liens and federal tax levies or tax garnishments.
Some Tax Tips for those who need payment options for back taxes:
1. Additional time to pay is based on your individual circumstances, you may be granted a short time to pay your tax in full or enter into a long payment plan with the IRS. Your current financial statement will dictate that.
2. You may request an installment agreement if you cannot pay the liability in full. This is an agreement between you and the IRS to pay the amount due in monthly installment payments. You must first file all required returns and be current with estimated tax payments. If you are not current with your tax filing IRS will not accept a payment plan or any Payment Option.
3. If you owe $25,000 or less in combined tax, penalties and interest, you can request a streamline installment agreement through Fresh Start Tax LLC. We can usually get these in 24 hours.
4. You may still qualify for an installment agreement if you owe more than $25,000, but you are required to complete a Form 433F, Collection Information Statement, before the IRS will consider an installment agreement. The 433F must be completely documented in regards to income and assets. IRS will also require pay stubs and bank statements.
5. If an installment agreement is approved, a one-time user fee will be charged. The user fee for a new agreement is $105 or $52 for agreements where payments are deducted directly from your bank account. For eligible individuals with lower incomes, the fee can be reduced to $43.
6. If you have a balance due you may want to consider changing your W-4 Employee’s Withholding Allowance Certificate with your employer so the problem does not happen again.
Call us today 1-866-700-1040 . We are true Affordable IRS Tax Experts
