Settle Back Taxes

Settle Back Taxes Minneapolis

Though getting an offer in compromise may not be easy, establishing a monthly payment settlement actually is. You are more than capable of doing this on your own as long as you believe you have the right documentation and know what you are actually doing.

Having a tax professional can also be of great help to guide you through the various trials and tribulations of dealing with the IRS. Either way, the outcome is going to be you being able to slowly pay your taxes over a period of several months rather than having to pay the IRS one full big payment.

Payment Plan

In most cases, establishing a settlement plan is rather easy and can be done by filling out the required documents which you can find online or by calling the IRS directly over the phone. These methods are mostly easy to use but it’s still recommended that you take the aid of a tax professional to make sure you don’t end up messing things up. Either way, here is some advice on what to do before contacting the IRS to settle a payment plan.

First of all you must be fully aware of how much tax you actually owe the IRS in total. If you are unsure, contact the IRS and ask them. This is crucial for deciding what kind of payment plan to get into and how to proceed from there on.

Keep in mind that to setup the payment plan, you will have to pay an additional setup fee. Even though you don’t want to pay the additional money, this is normally a very small sum. When you’re ready, go for the installment agreement program you want.

Monthly Payments

Decide on the sum of money you would like to pay on a monthly basis. This will be the sum which you definitely have to deliver every month till all your taxes are settled. You can pay more to speed up the process but never less than the minimum amount.

After choosing your settlement plan, choose the day, out of 30 days, when you have to pay your dues. Keep in mind that you must absolutely make the payment on the set day.

After sending your settlement plan, the IRS will reply to your petition of the payment schedule within 30 days after it was sent. Most tax professionals have already thought of many economical and lucrative methods to help you deal with the IRS without having to pay any additional fees. Contact us now and make sure that your venture with the IRS is an easy and efficient one.