Surprisingly, setting up a payment schedule with the Internal Revenue Service is relatively easy. This can be done yourself if you are sure you are sure of what you are actually doing. Otherwise, you’ll need to hire an IRS tax attorney or tax professional to show you how. In both cases, the payoff should be the same: You have the ability to compensate your IRS tax return for several calendar months rather than just as a one-time payment.
In many cases, a payment plan can be made on the internet, by completing the proper paperwork, or even over the phone. Again, many of these techniques are simple to follow but still end up with the same result. However, it is always advisable to contact the IRS through a tax professional or tax attorney to make sure you are guided by the procedure. Listed here are the actual actions to consider if you want to schedule payments with the Internal Revenue Service:
– Find out how much money you actually owe the IRS in tax returns. If you’re not at all sure, contact the IRS to determine. You should know this amount because it will determine the type of payment plan you agree to, as well as how you move forward.
– Taking into account that the IRS will charge a set up payment. While absolutely no one really wants to spend the extra money, this can be a very small price in relation to what you can get in exchange.
– Make a decision to submit a Request for Installment Agreement. If these types of methods don’t really work for you personally, please use the Online Payment Agreement Program.
– Choose which day from the thirty day period you want your payment to be due. The IRS requires you to send your payments on the same day each month.
– Determine the amount of money you want to pay month by month. Keep in mind that this is actually the minimum amount you will have to pay. You are allowed to pay more, but not less than the minimum. Then, in just thirty days the IRS will reply to your petition about the payment schedule.