Are You Putting Your Life on “Paws” Because of Tax Debt?
If you owe back taxes and can’t pay, help is available. With a tax payment plan – also known as an installment agreement – you can pay off your taxes over several months or years. Contact us today to see if you qualify!
IRS Payment Plan Options
The IRS offers several different payment plan options to address your unpaid tax debt.
Short-Term
Under this agreement, you’ll have up to 180 days to pay off your outstanding tax balance, and there is no set-up fee.
Long-Term
You’ll have up to 72 months to pay your balance in full. For balances over $25,000, you’ll be required to make payments by direct debit.
Partial Payment IA
You may qualify for this type of installment agreement (IA) if you are unable to pay your tax debt in full by the required time frame.
One of the advantages of entering into an installment agreement is protection from collection actions. Once your payment plan is approved, wage garnishment and tax levies will cease.
It’s important to note that if you miss a payment and default on your plan, collection actions will resume immediately. You must also file and pay on time for all future tax obligations.
What If I Can’t Afford Any Tax Payments?
If you’re unable to make any monthly payments due to extreme financial hardship, the IRS or state may place you in a Currently Not Collectible (CNC) status. This provides temporary relief from paying off your tax debt until you are in a better financial position. During this time, collection actions will be suspended, and no payments are required.
At Top Dog Tax Relief, we’ll review your tax situation for free and determine which course of action is best for you. You can choose to move forward with one of our tax professionals who will set up your payment plan with the IRS or state tax authorities, or you can opt to do it yourself. There’s absolutely no obligation to purchase our services upon completion of your free consultation.