If you end up owing a tax balance so large you can’t see a way to repay it, you might benefit from establishing an installment payment plan. The IRS often grants installment agreements to taxpayers who are committed to remaining compliant but simply can’t afford a lump sum payment. Eligibility requirements include:
- You must file all required returns.
- You must be up to date on estimated tax payments.
The government will also assess your ability to pay, based on your income, expenses, and assets. If your request for an installment agreement is granted, you may be given up to 60 months to pay off your tax debt, as well as any additional fees and interest charges.
You’ll need skilled tax help professionals by your side in order to negotiate the best installment agreement, and that’s where Taxation Solutions, Inc. comes in. We’re trusted by individual and business taxpayers in the greater Atlanta area for our knowledge and skill at dealing with the IRS. We’ll always push for the best possible outcome for your specific situation. We want you to enjoy the peace of mind that comes from not having to worry about accruing further tax penalties due to delinquent payment.
Ready to learn more about installment payment plans? Get in touch with us today!