Setting Up an IRS Payment Plan

Filed under: IRS Payment Plan Setup and Tips - 01 Mar 2016  | Spread the word !

Setting up an IRS payment plan is explained here. IRS stands for Internal Revenue Service, the government agency responsible for tax collection and tax law enforcement in the United States. Setting up a monthly payment plan with the IRS is not as difficult as you might think and can be done by either you or your tax professional. The installment agreement can be set quickly either over the phone, by filling out some paperwork, or by using the Online Payment Agreement web application.

Setting Up an IRS Payment Plan

Type of IRS Installment Agreements

Note that there are four basic types of installment agreements you can choose from: guaranteed, streamlined, partial payment, and non-streamlined. Before opting for either one, it is important to review which installment agreement the IRS might approve for your case and choose the one that best fits your budget. Here is how to do that.

1. Find how much you owe in unpaid taxes. In order to do that, you should call the IRS or get out copies of your tax returns to verify the amount you owe, which includes your original tax due, plus interest and penalties.

2. Be aware of the fact that the IRS charges a user fee to set up a payment plan, as follows:

  • $52 for direct debit installment agreements;
  • $105 for new installment agreements without direct debit;
  • $45 for restructuring or for reinstalling a defaulted installment agreement;
  • low-income taxpayers can request a lower fee of $43.

3. Set up a payment plan by filling out Form 9465, Installment Agreement Request, or simply using the Online Payment Agreement Application on the IRS website.

4. Choose a day of the month you want to make your payments. Remember that you can choose any day you want between the 1st and the 28th of the month, but you must make your payment by that day each and every month. Choose wisely.

5. Choosing the monthly payment amount comes next, which should also be done wisely. Keep in mind that you must pay at least the amount you choose each and every month. You can always pay more, but you should write down the minimum you are willing to pay every month so you can rest assured that you don’t fall behind with your payments.

6. You now have to wait for the IRS to get back to you; they usually respond to requests within 30 days.

7. All that is left is for you to make the payments each and every month. You can pay either by check, credit card, money order, EFTPS, or automatic withdrawals from your checking account.

Setting Up an IRS Payment Plan

Setting Up an IRS Payment Plan

These are the steps you need to follow in order to set up an IRS payment plan. This process is not very complicated, but expect about two hours to complete it. Here are some tips on what you will need in order to do that:

  • copies of your tax returns;
  • a good idea of how much you can afford to pay each month;
  • your checkbook or a voided check if you are setting up automatic withdrawals;
  • register with EFTPS if you want to use the IRS bill pay system.

Also, it would be useful to have the following tips in mind:

  • You can request an installment agreement over the phone by simply calling the IRS. They will set up a payment plan over the phone and then send you the paperwork you need to fill out.
  • The IRS must agree to accept your installment agreement if you meet certain criteria – your total tax does not exceed $10,000 and the monthly payments will pay your tax debt in full within 3 years.
  • The IRS will not accept your installment agreement if you have not filed all your tax returns. Before requesting a monthly payment plan, you will need to file all your back taxes.
  • If you have chosen checks or money orders as your payment method, make sure you mail your monthly payment to the IRS about 7 to 10 days before the due date to avoid any delay in the mail. This will make sure the payment gets to the IRS on time.
  • If this process is too much of a hassle for you, ask for the help of your tax professional. This is also a good idea if you need to negotiate a lower monthly payment or if you don’t meet IRS’ criteria for automatic acceptance of an installment agreement.

 

NOTICE:  The IRS can change rules and regulations without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

IRS info on setting up an IRS Payment Plan is here.

 

 

IRS Payment Plan For Perfect Finances

Filed under: IRS Payment Plans - 23 Feb 2016  | Spread the word !

IRS Payment Plan For Perfect Finances

IRS Payment Plan For Perfect Finances

IRS Payment Plan for Perfect Finances

If you want to have perfect and clear finances each month for the rest of your life, you have to set up an IRS payment plan. Making your contributions to the IRS correctly is a very important matter for people. Not making the right decision or faulting your documents can lead to a serious IRS audit, which can damage the financial status that you have worked so hard to gain. The IRS payment plan will help you and the institution to keep track of the money fluctuations that take place in your name.

Starting your IRS Payment Plan

You can start the perfect IRS payment plan by speaking to a representative of the institution. The employee will be more than happy to assists you in calculating your finances and the payment rates that you have to make. Many people have had trouble in the first years of their contribution to the IRS system, due to the fact that they were unsure of what is the right thing to do or have had mistakes in their documents. This is normally the case of young adults, who have recently became independent from their families and they did not discuss the matter with their parents or an older person with more experience at first. If you find that you are among these kinds of contributors, you should know that the IRS payment plan is the perfect solution for you. Gaining all the benefits from making a suitable action will be appreciated by the people at IRS and you will surely be one that does not get audited.

IRS may help you recalculate

The IRS payment plan is also useful for those that have started making their contribution payments, but find that, at some point, they cannot meet the payments. In this situation, the IRS payment plan may help you recalculate your income and tax rates. You may find that a mistake has been produced in your recent documents, for example. The IRS payment plan can benefit those that have a changing revenue. Subsequently, all the payment rates must be recalculated to the new situation, which can be done through the IRS payment plan.

 

IRS Payment Plan For Perfect Finances

NOTICE:  Rules and regulations can change  without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

IRS payment plan – here.

IRS Payment Plan Help

Filed under: IRS Payment Plan Setup and Tips,IRS Payment Plans - 04 Feb 2016  | Spread the word !

IRS Payment Plan Help

IRS Payment Plan Help

IRS Payment Plan Help. Owing money to the IRS is never a fun thing and it’s a more common thing than people think. Often families get hit with a large tax bill way after April 15th, and aren’t sure exactly how to pay for it. There are things that you can do to make this bill a little easier on your budget, and here are a few suggestions.

Set up a payment plan with the IRS

First, set up a payment plan with the IRS. By calling the IRS and talking with a representative, it’s very likely that you will be able to set up a monthly payment plan to pay off the money that you owe. They want their money, be sure of that. So they will do anything they can to help you pay that money to them. You can also talk to a tax agency like HR Block to see if there is any way you can get your taxes and tax bill lowered. They may find a deductible that you missed; this is probably a very likely scenario as they work with taxes all day and are very well versed in tax law.

Contact the IRS

If you decide that the monthly payment plan is not the way to go, you can contact the IRS and tell them that you have a lump sum to pay them that is less than the sum they want. If you offer to pay most of the bill upfront, they may actually drop the rest of the bill. The logic is the same as credit card companies: they know you owe money and that you may not have all of it. Instead of risking getting nothing from you, they will accept 75% of the bill in cash and drop the rest. You can often reason with the representative and get your bill lowered, or talk to a tax agency to help you out with this.

NOTICE:  The IRS can change rules and regulations without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

IRS Payment Plan Help

How to contact the IRS here.

IRS Payment Plans Explained

Filed under: IRS Payment Plans - 01 Feb 2016  | Spread the word !

Here IRS Payment Plans Explained to help you know how they work. Do you owe money to the IRS but can’t pay the amount due in full right away? Well don’t panic… The IRS offers many types of payments plans to debtors who can’t pay their taxes in full. Let me introduce some of these payment plans so you can choose the best option for you.

IRS Payment Plans Explained

IRS Payments Plans Explained best by Einstein…

IRS Partial Payment Installment Agreement

Partial payment installment agreements are the most accommodating of all payment agreements. The IRS will actually allow you pay only a fraction of the amount due if you stick with the terms of their monthly payment plan. To request a partial payment installment agreement, you’ll have to fill out Form 9465, Installment Agreement Request and Form 433-A, Collection Information Statement. You will then have to send a written partial payment request to the IRS bureau that is handling your case.

IRS Short Term Payment Extensions

Even though they don’t qualify as payment plans per say, I thought I should mention short term payment extensions. The IRS will usually allow 30 to 120 days extensions to pay back taxes owed. However, you cannot request a short term payment extension if you’ve already received a tax lien or tax levy.

IRS Installment Agreement

IRS installment agreements allow tax payers to pay their tax debt in monthly payments on a period of up to 3 years. This is the easiest of all agreements to obtain. All you need to do is fill the 9465 Form and specify how much you can pay per month and on which day you wish to pay.

All the forms mentioned in this article are available online on the Internal Revenue Service’s website at www.irs.gov. So make sure you take advantage of all the options available to you and don’t hesitate to seek professional help if you need more information on IRS payment plans.

 

IRS Payment Plans Explained

NOTICE:  The IRS can change rules and regulations without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

IRS Payment Plans, IRS Installment Agreements

Avoid Bankruptcy with an IRS Payment Plan

Filed under: IRS Payment Plans - 15 Jan 2016  | Spread the word !

Avoid Bankruptcy with an IRS Payment Plan

Avoid Bankruptcy with an IRS Payment Plan

Avoid Bankruptcy with an IRS Payment Plan:  When confronted by the IRS to pay back a debt that you owe, you must remember that there are options and that the deadline they give you to pay back the money is not necessarily set in stone. Often they will set a completely unrealistic deadline in which they want to be paid back; if that is the case, don’t give up all hope while just trying to put it off and wait to see if something miraculous happens… you need to get started straight away and make up a plan of attack.

IRS wants to get paid

The first thing to remember is that, perhaps contrary to popular belief, the IRS really just wants to get paid one way or another and they will often help you set up a payment plan if you call and explain your personal financial situation. But as with almost all kinds of debt you will be much better off, and save more money, if you pay off the total amount of the debt as soon as you possibly can.

Should you hire an attorney?

Another option to consider, usually only after trying to settle it personally between the IRS and yourself, is to hire an attorney who specializes in tax. Through this method it is possible to stop your wages from being garnished and avoid a tax judgment. Of course if you choose to hire an attorney you will most likely have to pay more for their services than if you go it alone and deal with the IRS yourself, but in some situations it is just not possible to do it yourself.

NOTICE:  Rules and regulations can change  without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

Avoid Bankruptcy with an IRS Payment Plan

 

Discharging taxes in bankruptcy link here.

Developing a useful IRS Payment Plan

Filed under: IRS Payment Plan Setup and Tips,IRS Payment Plans - 04 Aug 2015  | Spread the word !

Developing a useful IRS Payment Plan

Developing a useful IRS Payment Plan

Developing a useful IRS Payment Plan: People and even companies that owe money to the IRS will want to develop an IRS payment plan that fits their available resources. Usually these problems occur because of bad planning or unforeseen events. Many of the people that are affected by the IRS overlooked money in some area of their taxes and eventually get found out. They will need to pay the taxes on what they owe. Sometimes this can amount to hundreds of thousands of dollars. That seem impossible to pay off in the deadline they provide. This is where you must take the legal action to set up an IRS payment plan. The plan can allow you to manage payments that are more suitable to your income situation or to lessen losses or potential bankruptcy. It is important to talk to a legal advisor on how to set up an IRS payment plan.

IRS Payment Plan Specialists

There are plenty of IRS payment plan specialists available online to get in contact with. Even contacting the IRS yourself and asking what you could do to set up an IRS payment plan on your debts could help you find resources that are helpful.  This can help to reduce losses and make a sensible payment plan to really get your act together and pay the government what you owe. There are even many different ways to reduce what you owe and possibly even remove your debt completely. Make sure that you look into what options you have to reduce your debt with the IRS and really take advantage of the IRS payment plan programs that can really give you the tools to take your debt in a positive direction rather than a negative one. You can really look into these programs by looking online for various services that manage these issues such as IRS debt.

NOTICE:  Rules and regulations can change  without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

Developing a useful IRS Payment Plan

Contact the IRS if a levy is too difficult to deal with.  Here.

 

Paying Off IRS Debt with an IRS Payment Plan

Filed under: IRS Payment Plan Setup and Tips,IRS Payment Plans - 14 Jul 2015  | Spread the word !

Paying Off IRS Debt with an IRS Payment Plan

Paying Off IRS Debt with an IRS Payment Plan

Paying Off IRS Debt with an IRS Payment Plan . The IRS gives many people a negative turn financially, especially when they decide that you did not pay taxes correctly or money is owed to them for various reasons. Large amounts of debt seem to linger over many people when the IRS comes after them. The IRS may even get into personal accounts, put leeches on your income and even take property you own without little or no permission. They are a government entity that simply could do almost anything and everything they want to without consequence. There is a way around it though and you could also pay off your debt in the process.

IRS Payment Plan

IRS payment plans are special plans that could be set into place to pay off your IRS debt. You can get them off of your back and slowly pay off your debt until you are debt free. The way this is possible is through special services that IRS debt lawyers provide and can easily settle large debts for less as well. Even though these services are not free, it is better than having the government invade personal accounts as well as taking a portion of your important income.

Setting up a plan

By setting up the IRS payment plans many individuals, couples and families will be able to feel liberated from the enormous debt they have to repay. IRS payment plans are effective at removing debts while allowing individuals to get on with their lives. Unfair government practices need not have to affect honest hard working Americans and cause them to lose faith in their country. Taking advantage of IRS payment plans is an integral part of becoming debt free from the government. Take note of how much you could be saving and what you have to lose before making a decision. IRS debt lawyers can help to reduce what you owe and get you on track to repaying off your debts.

 

Paying Off IRS Debt with an IRS Payment Plan

 

NOTICE:  Rules and regulations can change  without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

IRS Fresh Start Program. Here.

 

IRS Payment Plan Form

Filed under: IRS Payment Plan Setup and Tips - 30 Jun 2015  | Spread the word !

IRS Payment Plan Form

IRS Payment Plan Form:

Anyone who lives and pays bills knows that the IRS is an agency that you do not want to be known by personally. The IRS can make your life a living nightmare if you cheat on your taxes knowingly or unknowingly.

The IRS gives you somewhat of a luxury of picking 3 installment agreements to pay the money that you owe. Each payment plan really revolves around how much you can pay every month and unfortunately you must submit your financial institution info to them.

The most common payment involves you agreeing to pay the IRS x amount every month for x amount of months. This prepayment plan is mostly for people who have no assets but make a decent income. If you make a very generous living and you have assets that are of good value you will not qualify for this method.

The streamline plan is another method of payment that allows the person who owes to establish a payment plan that is right for them. You must have a tax liability that doesn’t go past $10,000. You must be able to pay the full payment of liability in 3 years, and you must be in full compliance with tax laws and terms of agreement. The person who has low income and no assets will be able to apply for the partial payment. This means that the taxpayer will only have to pay a part of the total tax that is due.

Paying back the IRS is very important and it is always best to respond to your notice as soon as possible. The easier you are working with the IRS the easier they will be willing to work with you to pay off your debts.

 

NOTICE:  Rules and regulations can change  without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

IRS Payment Plan Form

IRS Installment Agreement Request Form is here.

 

 

 

Can You Actually Setup an IRS Payment Plan?

Filed under: IRS Payment Plan Setup and Tips - 23 Apr 2015  | Spread the word !

Can You Actually Setup an IRS Payment Plan?

Can You Actually Setup an IRS Payment Plan?

It is Possible!

If you owe the IRS a significant amount of money, you probably think that you are in too far over your head to ever get out of the debt that you have accumulated. However, fortunately for you, this is actually not the case. It may seem like there is no light at the end of the tunnel, but the truth of the matter is that there is still a solution, regardless of how much IRS debt you have managed to accumulate for yourself.

Set up a Plan

Regardless of how much IRS debt you currently have, the key to getting yourself out of trouble and on track is to setup an IRS payment plan. As you can probably guess from the name, an IRS payment plan is an arrangement that you work out with the IRS where you can payoff your debt over time, instead of simply having it hang over your head on an ongoing basis.

Find a professional if you help

If setting up an IRS payment plan sounds like an overwhelming task, you are far from being alone in feeling this way. When most people hear about an IRS payment plan, they feel like there is no way they could actually manage to get this setup. However, the great thing is that there are plenty of professionals who can help you accomplish this task. You should have no problem finding a professional who will help you handle the IRS and getting your payment plan setup for a reasonable fee. Once you do get your IRS payment plan setup, you can finally lift a significant portion of the weight off of your shoulders.

NOTICE:  Rules and regulations can change  without notice. Please be sure to check with your tax consultant before filing any form with the IRS.

Can You Actually Setup an IRS Payment Plan?

Apply for an IRS playment plan here.