No one likes owing the government money, whether it’s IRS debt or both state and federal debt. Having your wages garnished can be even worse. Rather than sit on their debt and hope for the best, many have opted for an installment plan as a resolution to this burden. You may be skeptical, but a payment plan for IRS tax debt may be your best option for your back taxes. Consider the reasons they’re increasingly popular. It’s easy to see why they can be a good idea.
Many individuals have found installment plans to be the best choice for them. And when they do, they turn to Business and Financial Solutions as the best value for high quality and reliable guidance. We have offices in Frederick County MD, Montgomery County MD, and Fairfax County VA. But we proudly serve clients from across the United States. Let us help you with tax debt payment plan.
When you owe the government back taxes, they have the authority to seize or levy your property. One of their favorite methods for doing this is by garnishing your wages. This can be even worse than just skimming “a little off the top”. Because they have the authority to do it without getting a judgment first. And they usually take more from you than private creditors. Don’t let the IRS own you just because you owe them money.
Some taxpayers may qualify you for the Offer In Compromise program, though it’s not a sure thing. And the process can be doubtful for some. By contrast, a payment plan is relatively straight forward. You may not get the IRS payment plan you wanted. But you might. However but you’re likely to qualify for some kind of installment plan. A minimum payment may be required, based on the amount you owe. And a payment plan is much more affordable than a lump sum. If paying the full balance of back taxes at once is impossible and having your wages garnished is a non-starter, what’s the best option for you?
What many tax payers don’t realize is that if all of your returns were filed on time for the last 5 years (and you agree to keep doing so), the IRS is required to agree to a payment plan—as long as your balance due is 10,000 or less. It’s certainly possible that you’ll still qualify even if you don’t fulfill these conditions. Qualifying for a payment plan can be easier than you might expect. No matter what resolution you choose, Business and Financial Solutions is here to help you get out of debt in a way that minimizes your inconvenience and increases your satisfaction. Our seasoned tax professionals are experts at taking complicated IRS code and making it understandable and manageable. If you’re considering setting up an installment plan, give us a call today at 1-855-557-2222.
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