People think that just anyone can call up the IRS and ask for a cheap IRS Installment Agreement. This simply is not the truth. Sure, you can call up the IRS and do the work yourself. I have spoken to many people who put themselves into an IRS Installment Agreement themselves...and they are calling me because it is costing them too much a month. Often, they couldn't keep up and now the IRS is coming after them. The truth about IRS Installment Agreement is this. There are three basic types:
1. Streamlined IRS Installment Agreements
These do not require much. The only requirement is that your debt must be under $25,000. You fill out a simple form and you don't even have to give your financial information for review. The catch is that you must pay the full amount within 5 years and you are stuck with whatever monthly payment takes care of that. If you are temporarily
in a financial bind, you can tier your payments so that you pay lower amounts the first year.
2. Voluntary Disclosure IRS Installment Agreements
If you owe more than $25,000 or the streamlined agreement doesn't work out for you, then you have to disclose your finances. Your payments will be based on what you can afford to send the IRS every month. People...the IRS is not your friend. They're going to view what you can really afford differently from you...unless you get help from a tax debt professional. You really need to know tax law if you want to win this kind of battle with the IRS. The IRS instructions on how to fill out 433 forms is NOT going to cut it.
3. Partial Payment Installment Agreements
Normally, you have to make sure your tax debt is paid before it expires with the Statute of Limitations. But, what if that's in two years and you can't afford the payments required to pay it off by then? You definitely need a tax debt professional for this. You need someone who is going to defend your right to live a normal life. I don't know of anyone who has successfully gotten a partial payment installment agreement without help from a reputable tax debt professional.
So, there you have it. That's the truth about installment agreements. Just like you can do car repairs yourself. Sure, you can try it on your own. But, honestly; you'll save time, money, and hard ache hiring a tax debt professional.
Call 888-415-1337 or fill out the submission form now to get the right IRS Installment Agreement for you.
Labels: Installment Agreement