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Do You Qualify for an IRS Payment Plan?

Understand Your IRS Payment Options

An IRS notice of back taxes can hamper your finances. Although you may not be able to afford it, you’ll be expected to pay your full balance all at once. Fortunately, even though you may have a debt with the IRS, payment options may be available to you.

IRS payment plans are designed to break your tax debt up over time, allowing to pay your balance in installments, much like a credit card balance. And like a line of credit, an IRS tax payment plan must be approved and comes with certain conditions. Before deciding that a tax payment plan is your best option, consider some relevant details.

Making a Request

When it comes to requesting a payment plan, IRS approval is required. The good news is that the IRS, like a creditor, understands it may not be feasible for you to pay back a large sum all at once. This doesn’t mean that your debt will simply be forgiven; when you’re talking about a debt for federal tax, “payment plan” does not equal reduction.

Instead, if you owe the IRS back taxes, payment plan approval means that you agree to pay back your balance over a period of months or years rather than all at once. However, rather than making a request for IRS payment arrangements yourself, consider enlisting professional assistance such as the Tax Defense Network. Why? IRS monthly payments can be more complicated than you think.

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Your IRS Repayment Strategy

First, you must consider what you want to accomplish before simply doing an internet search for “IRS set up payment plan”. Do you want a more affordable, manageable solution to pay your tax debt? Or are you seeking an IRS installment payment agreement in order to buy yourself more time to contest the debt? In either case, consulting with a licensed tax professional is essential.

Asking yourself, “can I make payments to the IRS?” should not come before, “do I owe this debt?” After all, if the assessment is inaccurate, an IRS payment arrangement may not even be necessary; a tax professional can help you make this determination. After reviewing your case, your professional may conclude that the assessed balance is correct and an IRS repayment plan is your best course of action.

A licensed tax professional will confirm the precise amount you owe, review your IRS payment plan options based on your finances and finalize an agreement directly with the IRS. This is to your advantage. A seasoned professional will work on your behalf to obtain the lowest monthly payment allowed by law. So before you contact the IRS about payment plan options, accept a no-cost consultation from the Tax Defense Network.

What Not to Do, Generally Speaking

Never automatically assume that the information the IRS presents to you is correct. Double-check your returns and, if possible, review everything with your accountant (here again, a licensed tax professional can perform this function). Always verify every last detail provided on notices and, if you have questions, defer to a professional before taking action. So before you even get to “can I pay IRS online or over the phone,” talk to a tax pro who knows how to handle your issue.

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