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Tax Installment Agreements – Pay what you can afford
If you do not qualify for an Offer in Compromise we can help you get additional time to pay your taxes. We’ll set up an installment agreement that fits both your budget and the IRS rules. Our goal is to negotiate the lowest amount the IRS and/or State tax agency will allow.
An Installment Agreement is simply an agreement between you and the IRS to pay your tax debt in the full amount on a regular monthly basis. Tax Relief Associates Group will help you negotiate a fair and affordable monthly payment to the IRS.
Types of Installment Agreements with the IRS
If you owe back taxes it can be hard to get caught up with what you owe. Ask a licensed tax professional to help you with the process. The IRS has a variety of Installment Agreements you can choose from to settle your debt and secure your financial freedom.
Installment Agreement – Over $100,000
Owing more than $100,000 of tax debt, you will be obligated to sell any assets you possess to settle part of the IRS back taxes owed before it can be an option.
Non-Streamlined Installment Agreement – Over $25,000
This agreement option is for those of you who owe over $25,000. The IRS will require you to verify your financial status by asking you to send them a financial statement (Form 433-F) so they can calculate an affordable monthly payment plan for you.
Streamlined Installment Agreement – $25,000 or less
This option is for those who owe a tax debt of $25,000 or less.
Guaranteed Installment Agreement – $10,000 or less
If you owe a tax debt of $10,000 or less to the IRS, a Guaranteed Installment Agreement is the one you should choose. The benefit of this agreement is that you will not have to worry about the IRS filing federal tax liens to the credit bureau and you can still obtain credit.
If you do not have enough money in your monthly budget to pay your IRS back taxes, the partial payment agreement calculates your monthly living expenses and provides you an affordable payment. However, you must submit a full financial disclosure to be qualified for this option.
Why Timely Payment of your Installment Agreement is so Important
Once you have started making your monthly tax settlement payments, it is important you continue to make them on time. When you agree to the terms of an Installment Agreement the IRS recommends you choose one of two payment methods. Either direct debit which electronically transfers the payment from your checking account or with a payroll deduction which your employer will take directly from your earned wages. If for any reason you believe you will be late making a payment, call your tax specialist at Tax Relief Associates Group. One late payment can result in your Installment Agreement being voided and the money you have paid not being credited to your back taxes.
Call Tax Relief Associates Group now and talk to one of our trained tax repair specialists to get back on the road to freedom from IRS tax debt.