Do you have an IRS Payment Plan or are you trying to set up an IRS Installment Agreement? If that is the case, here is a simple solution to saving 80% on your monthly payments!
Owing to the IRS can be frustrating, especially when the IRS refuses to offer you a payment plan below a certain amount. What if you cannot afford it, or the payments are just too high to pay, leaving you with zero dollars?
The reason the IRS will not go below a certain amount is simple. Their method is to take your entire tax debt and divide it by 72 months. The rule of 72 is used to calculate the time needed to double an investment. As the periods go on, your interest accrues, and the IRS becomes wealthier. There is no consideration for your monthly expenses or any hardship you may be experiencing.
This is called the IRS Streamlined Installment Plan (or the general payment plan). If you are dealing with the IRS on your own, this is the only option available.
While most Americans in tax debt just give up and do not make any payments, this only worsens the problem and leads to a series of unfortunate events, such as levies, bank account freezes, and wage garnishments.
There is hope! With the recent expansion of the Federal Government’s Fresh Start program, qualifying for relief is easier than ever before.
Did you know dealing with the IRS alone is like going to court without a lawyer?
You do not know the laws, and you simply cannot defend yourself to get the best possible outcome.
That is why the Fresh Start program exists.
Working with a tax debt professional can help you reduce your monthly payments by up to 80%, depending on your specific tax debt situation.
A tax debt professional will negotiate with the IRS on your behalf and explain the details of your situation, helping you get onto a fair monthly payment plan that will also leave some money in your pocket.
If you’re ready to talk to a tax debt professional, take this short quiz to get a better installment agreement with the IRS.