Tax debt relief can be achieved through an installment agreement with the IRS, but you need to be approved for this. However, it is quite an easy task to set up a monthly payment plan once you are approved. You can get a tax professional to talk with the IRS over the phone, by filling out some forms, or by using the online payment agreement application on the internet to get ahead in the situation. In fact, there is good news for you. There are four distinct types of installment agreements that you may pick from. Pick one that best suits your situation, financially, as well as personally.
How to go about installment agreement
Let us find out how to get tax relief with an installment agreement:
1. First of all, you must find out how much unpaid taxes you have when you are looking for debt relief options. You can actually call the Internal Revenue System to get copies of the returns you owe, and also verify the amount that you owe. The total amount that you owe to the IRS would not just include your original taxes, but also the penalties and interests that may have accrued on your taxes.
2. You must know that the IRS usually charges a certain fee in order to get you a payment plan, depending on what type of installment agreement you are getting. If you are an individual who belongs to the low income group, you may also like to request for a lower fee. Installment agreement may be an easy tax relief option, but you need to be very careful with what you are going to do about the taxes that you owe.
3. The next step you need to follow for your tax payment plans is to fill out Form 9465 to get forward with an installment agreement request. You could also use the online application that is available on the official website of the Internal Revenue System.
4. Pick a day you would like to make your payments, and you must stick to that date every month for payment. You are free to choose any day of the month, but you must remember to make sure to pay on that day each month.
5. Now is the time to pick an amount that you can afford to pay each month on the particular day that you have picked. Do not go overboard with the amount, just be reasonable. This is a very important part of the tax payment plans that you may be trying to execute. The amount that you choose to pay must be paid each month. You can pay more than your chosen amount if you want to, but you must honestly make sure that you pay the amount that you promise to pay each month. You are required to write down the minimum amount of money that you are willing to pay each month.
6. The IRS should be sending their response to the installment agreement request that you have sent to them with either an affirmative, or a negative, within 30 days of the application.
Jacob Smith is a contributing writer for New Life Tax Relief on tax payment plans, tax debt relief and a senior debt analyst. He writes mostly on how to get tax relief, debt relief options.
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