An IRS installment payment plan is a great tax resolution option if you have a state or tax debt. Paying in installments allows a tax debtor to pay off their accrued amounts over an extended period in smaller amounts. If you owe the IRS money, an IRS installment plan is an excellent option to consider if none of the other options suit your financial statement. At True Resolve Tax Professionals, we will help you through the process of successfully filing for an Installment payment plan. It may be overwhelming if you do not know where to begin; hence, this guide is tailored for you.
Requirements for An IRS Installment Payment Agreement
For you to qualify for an IRS Installment Agreement, there are certain factors that you need to meet first. Approval of an installment payment plan largely relies on the amount of tax owed. Your chances of having an installment payment agreement approved are enhanced if you
- Owe over $10,000 tax debt, penalties, and interests
- Are unable to pay IRS in full
- Have not applied for bankruptcy
- Never had an offer in compromise approved
- Completed IRS form 9465 and IRS Form 433-A
Filling Out IRS Form 9465 for an IRS Installment Payment Agreement
IRS Form 9465 is used to request an installment payment option if, for any reason, you are incapable of completing the tax debt by the indicated date. There are several boxes within that form that you ought to fill before submission. In this form, you also declare the amount of money you are willing and able to pay per month. You are also allowed to select favorable terms that suit your financial plans or budget. Fortunately for you, our tax expert at True Resolve Tax Professionals can handle all the tedious work for you.
Choosing Your IRS Installment Payment Plan
Setting up a payment plan can help you if your business, personal property, machinery, or intellectual property have been placed on an IRS tax lien. A lien acts as collateral for your tax debt until it is fully paid. It negatively impacts your dealings and income flow if neglected. An IRS installment payment agreement can help protect you from the outcomes of the lien policy.
You could set up an agreement that enables you to pay the amount owed partially. Or choose a plan that consents to pay your debt within five or six years. A tiered IRS installment agreement is when your debt can be paid within a few months or years. It allows you to pay smaller amounts monthly. The monthly payments can be increased after you have cleared the debt over time. Another agreement plan is for those who cannot complete the debt entirely within five or six years. They can pay the tax debt in full within the legal collection period, usually ten years.
It is never advisable to ignore your tax issues because they will haunt you. However, sometimes you may unintentionally owe taxes to the IRS. You only need to contact the tax experts at True Resolve to prove your innocence and receive IRS tax levy help. Also, there are friendly ways to ensure full payment of your debts.
For IRS penalty abatement, there are strict criteria for you to qualify for abatement. However, if the situation was beyond your control and prevented timely payment of taxes, this is a great option. If granted a penalty abatement, this waives all penalties and enables you to repay your debts through an IRS Installment Payment plan quickly.
Contact the Best Tax Professionals
From tax audit help to tax preparation, bookkeeping and accounting, it is essential to ask a tax expert to do it rather than leave out a crucial detail that would mess up your taxes. At True Resolve Tax Professionals, we have the technical know-how and experience required to help you with tax processes in New York as well as nationwide. Yours as the client is to present us with the documents required, and we will handle the rest on your behalf with the IRS. If you encounter an astounding block while applying for an IRS installment agreement, contact us for a consultation so we can help.
We Can Help You
Owing money is always a daunting experience. When you owe the government, you might feel helpless. Not all tax agents are trustworthy because they do not deliver on their promises. We will ensure a healthy approach to your tax debt repayment to recover your financial stability. What better way to enjoy tax savings than by setting up an IRS installment agreement?
Once you contact us, we will guide you on how to achieve a long-lasting tax solution. Tax issues can be severe and complicated. The only way to create a difference is by contacting True Resolve Tax Professionals to help you. We will be glad to help you with the IRS installment payment process and any other tax needs you may have. Do not allow tax debts to derail your financial growth.