An installment agreement is a payment plan with the IRS to pay the taxes you owe within an extended timeframe. You may qualify to make monthly payments based on your financial situation.
What is an Installment Agreement or an IRS Payment Plan?
An IRS payment plan is a direct agreement you make with the IRS to pay your federal tax due over a set period of time. Short-term and long-term IRS payment options are available.
To pay off your debt, you’ll usually make monthly payments. As long as you comply, the IRS is unlikely to garnish your pay or seize your bank accounts or property. However, enrolling in an IRS payment plan does not exempt you from late payment penalties and interest, which will continue to accrue until your balance is zero.
Interest and some penalty charges continue to be added to the amount you owe until the balance is paid in full.
The amount of the monthly payment, as well as the length of the agreement, vary depending on several factors, including the size of the tax debt and your current financial situation.
All tax returns must be filed to be eligible.
If you can’t afford to pay your taxes, the Internal Revenue Service may be able to help you out with an installment plan.
You can pay your taxes in installments and avoid garnishments, levies, and other collection procedures by using an installment plan. If you pay your taxes late, you’ll still owe penalties and interest, but it may make the payments more manageable. Your plan’s minimum monthly payment is determined by the amount you owe.
How do you get an IRS Installment Plan?
I can negotiate the payment amount and the time frame for the installment agreement on your behalf. When I establish an Installment Agreement for you, it will be negotiated based on the amount you can afford to pay based on your financial situation.
Need an Installment Agreement? Call me at 732-240-1787 or Contact Me Now.
