If you owe back taxes it can be hard to get caught up with what you owe. Ask a licensed tax professional to help you with the process. The IRS has a variety of Installment Agreements you can choose from to settle your debt and secure your financial freedom.

• Installment Agreement – Over $100,000

Owing more than $100,000 of tax debt, you will be obligated to sell any assets you possess to settle part of the IRS back taxes owed before it can be an option.

• Non-Streamlined Installment Agreement – Over $25,000

This agreement option is for those of you who owe over $25,000. The IRS will require you to verify your financial status by asking you to send them a financial statement (Form 433-F) so they can calculate an affordable monthly payment plan for you.

• Steamlined Installment Agreement - $25,000 or less

This option is for those who owe a tax debt of $25,000 or less.  

• Guaranteed Installment Agreement - $10,000 or less

If you owe a tax debt of $10,000 or less to the IRS, a Guaranteed Installment Agreement is the one you should choose. The benefit of this agreement is that you will not have to worry about the IRS filing federal tax liens to the credit bureau and you can still obtain credit.

• Partial Payment

If you do not have enough money in your monthly budget to pay your IRS back taxes, the partial payment agreement calculates your monthly living expenses and provides you an affordable payment. However, you must submit a full financial disclosure to be qualified for this option.

Once you have started making your monthly tax settlement payments, it is important you continue to make them on time. When you agree to the terms of an Installment Agreement the IRS recommends you choose one of two payment methods. Either direct debit which electronically transfers the payment from your checking account or with a payroll deduction which your employer will take directly from your earned wages. If for any reason you believe you will be late making a payment, call your tax specialist at My Tax Repair. One late payment can result in your Installment Agreement being voided and the money you have paid not being credited to your back taxes.

Call My Tax Repair now and talk to one of our trained tax repair specialists to get back on the road to freedom from IRS tax debt.