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IRS Payment Alternatives

IRS Payment Alternatives

If you received a higher tax bill than you were expecting, explore all of your options before becoming concerned. Maybe you received the bill at the same time you needed money for medical bills, school tuition, or other important household expenses. Seeking assistance from qualified professionals at Attorneys Tax Relief can help you determine all of your options for making payments on the unexpected bill.

Negotiating a payment plan

There are many payment plan options available if you are having trouble paying your bill. Short-term payment plans for the length of up to 120 days are available completely free of charge. If you would like a payment plan that is more long-term, you can obtain one for a one-time fee of $120. However, if you plan on making payments by debit throughout the payment plan, the fee is greatly reduced to only $52.

It is important to be aware that when considering payment plans, the total amount of money that you owe is important. For example, businesses with a bill of more than $25,000 and individuals with a bill of more than $50,000 will have to submit more paperwork about their financial situation to be approved for a payment plan. Receiving a payment plan and committing to meeting the terms can make a difference for your financial situation. Attorneys Tax Relief can help you navigate these various payment plans.

Offer In Compromise

As a result of the government’s 2011 Fresh Start Initiative, you may be eligible to file an Offer in Compromise. Also known as an “OIC,” an Offer in Compromise gives you the ability to negotiate the final amount you owe the government. Looking at all sides of the situation, a mutual agreement can be made to lower the amount that you owe the IRS. For this process, it is advisable to hire a tax professional to ensure the best possible outcome.

Suspension of IRS efforts to collect taxes

You may be eligible for the IRS to temporarily take a break from trying to collect your taxes for a period of six months. This will be the case if you are experiencing bankruptcy or you are living outside of the country. In addition, if you are in the middle of submitting administrative appeals, filing an Offer in Compromise, or filing other paperwork, the efforts to collect your taxes may be suspended during the appeals processes.

Regardless of the circumstances behind your unexpected tax bill, there is most likely a solution. Attorneys Tax Relief is available to help you navigate the best solution.