Tax Season is Over: How Do I Pay for It?
The tax season has come to an end, and you’ve filed your tax return. But what if you owe taxes and can’t pay the full amount right away? Don’t worry; there are options available to help you manage your tax debt. In this blog post, we’ll explore the concept of installment agreements with the IRS.
What is an Installment Agreement?
An installment agreement is an arrangement between you and the IRS to pay your tax debt over an extended period. If you can’t pay your full tax liability immediately, an installment agreement allows you to make regular payments over time. Here are some key points about installment agreements:
- Eligibility: To qualify for an installment agreement, you must have filed all required tax returns and made any necessary estimated payments. Additionally, you should not be in an open bankruptcy proceeding.
- Payment Options:
- Lump Sum: You can submit an initial payment of 20% of the total offer amount with your application. If accepted, you’ll pay the remaining balance in five or fewer payments.
- Periodic Payment: Submit an initial payment with your application and continue making monthly installments while the IRS reviews your offer. If accepted, keep paying until the debt is fully settled.
- Low Income Certification: If you meet the low-income guidelines, you may be exempt from the application fee and initial payment while the IRS reviews your offer.
- Benefits of Paying on Time:
- Avoid additional interest and penalties.
- Prevent offset of future refunds.
- Maintain eligibility for loans.
Next Steps
If you find yourself unable to pay your tax debt in full, I encourage you to contact The Law Office of Charles Fitzpatrick. We can guide you through the process of requesting an installment agreement with the IRS. We’ll help you explore your payment options and find the best solution for your unique situation. Don’t let tax debt overwhelm you—take the first step toward financial relief by reaching out today.
Remember, addressing your tax obligations promptly is crucial to avoid additional charges. Act now and regain control of your tax situation.
Call or email today!
- Phone: (330) 552-7770
- Email: info@fitzpatrickesq.com
Disclaimer: This blog post provides general information and should not be considered professional advice. Consult a tax professional for personalized guidance based on your specific circumstances.
Note: The information provided in this blog post is based on current guidelines as of the date of publication. Always check the IRS website for the most up-to-date information and consult a tax professional for personalized advice.