If you owe money to the IRS for past due tax obligations you can arrange for payment plans with the IRS to pay off your past due tax debt. It is ideal to pay your tax debt in full when it is due to avoid penalties and fees, but sometimes that is not possible due to financial circumstances.
The IRS Charges the Following Fees for a Payment Plan:
- $52 for a direct debit agreement;
- $120 for a standard agreement or payroll deduction agreement; or
- $43 if your income is below a certain level.
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For Individual Tax Returns You can File for A Payment Plan:
- Apply online on the IRS Website if you owe $50,000 or less in combined individual income tax, penalties and interest;
- Fill out and mail Form 9465, Installment Agreement Request (PDF);
- If you owe more than $50,000, complete and mail Form 9465 and attach Form 433-F, Collection Information Statement (PDF);
- Call 800-829-1040 to set up a payment plan,
Small Businesses Can Apply for Payment Plans:
- Apply online if you owe $25,000 or less in payroll taxes;
- Call the IRS Business and Specialty Tax assistance line 800-829-4933.
Once you have a payment plan set up you should pay at least the minimum monthly payment to avoid default which could lead to increased fines and penalties. If for any reason you cannot meet your tax debt obligations you should contact the IRS immediately to try to find a solution.
If you need assistance with your past due tax debt or other tax troubles, call Saint Louis CPA James Coats at (314) 645-1614.
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