Find Tax Debt Relief with a Payment Plan
By: Matt Robinson | Posted: 21st August 2009
Finding tax debt relief is not always easy. But if you know about the options you can find the best one. You may not want to seek out relief, but if you owe money to the IRS you don't really have a choice. The last thing you want to do is avoid paying them. This can lead to everything from a levy to a lien to penalties and accumulating interest. Are you scared yet? Fortunately, you don't have to be. Once you know a bit about tax debt relief you will be well on your way to a better situation.
One option for relief is a payment plan. The way that this works is quite simple. With a payment plan you are sending a particular amount of money to the IRS every month. You will know how long your plan lasts before you get started - this will give you something to look forward to. Once your payment plan runs out it means that you have repaid your debt. At that point you have nothing else to worry about.
A payment plan is also known as an installment agreement. The majority of the time the IRS will agree to let you settle your debt with a payment plan. This is something they offer because they know that most taxpayers cannot pay a large bill in one lump sum. Despite the IRS getting a bad name at times, by offering payment plans it is easy to see that they are actually trying to help those in trouble.
There are several forms of installment agreements available. Each installment agreement is dependent upon how much you owe and how much you can pay. Some forms of installment agreements require more paper work than others in order to be accepted, especially if you owe the IRS over $25,000. Even if you can't make the full payments required for the regular installment agreement it is possible to qualify for a partial payment installment agreement in which you make smaller payments and end up paying off less tax than the total amount owed, but don't expect to get this unless you really can't pay with the other methods.
You can find tax debt relief through a payment plan, as well as many other methods. If you have questions you can contact the IRS or a tax professional. Either way, consider this option for finding relief from your tax debt.
Find more information on tax debt relief and the various IRS Payment Plans available to those taxpayers that cannot afford to pay in full. Connect with a tax specialist if you need help setting up the appropriate payment plan.This article is free for republishing
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Tags: amount of money, irs, lump sum, debt relief, taxpayers, installment agreement, tax debt, levy