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Unable to Pay Taxes for 2011 by April 17th? You Have A Few Options

unable to pay taxes 2010Unable to pay the IRS taxes for 2011 or by April 17th? If so, you have several options for paying your taxes when you don’t have the money available in the short-term or the long-term.

When deciding which option is the best for you, you’ll want to consider how much time you need and how much each option will cost you in fees and interest.

To reduce interest and penalties, pay what you can by April 17th, without jeopardizing your basic living necessities. […]

Defaulting an IRS Installment Agreement or IRS Payment Plan

default tax payment planDefaulting on an IRS Installment Agreement or Federal tax payment plan will be primarily brought about by a few scenarios. Remember, just because you defaulted does not meet your agreement is terminated. However, regardless of the manner in which you have default, stay in contact with the IRS.

Failing to Make or Missing a Tax Debt Payment

Failing to make even one payment to the IRS will cause you to default on an Installment Agreement. In this case, the IRS will notify you of your current state through a CP-523 that will […]

September 13th, 2010|Blog Post Categories, IRS Payment Plan|12 Comments

The Truth About Tax Payment Plans

Tax Payment PlansIf you are not capable of paying your tax debt to the IRS in one payment, the IRS offers several tax payment plans or Installment Agreements in order to help you pay off tax debt without serious financial hardship. When considering an Installment Agreement, it is important to be aware of a few things associated with them.

Series of Monthly Payments

With a tax payment plan or Installment Agreement, you agree to pay the IRS a monthly payment amount each month. This monthly payment amount varies depending on how […]

June 23rd, 2010|Installment Agreements, IRS Payment Plan|3 Comments

4 Options If You Can’t Pay Your Taxes

cannot pay irsNot being able to pay your taxes is likely not as bad as you think it is. Everyone has heard the stories of the IRS taking homes, cars, boats, and other things that devastate people’s lives. The truth is, the IRS is very willing to work with taxpayers that are having financial problems. The IRS will only pursue harsh collection actions if they have exhausted all other options and feel they are working with an taxpayer that is not willing to work with them. One important thing to […]

Guide on How Long to Keep Financial Documents for Tax Purposes

tax documentsAre you confused about how long you should keep tax documents? Many people are in this position because there are so many conflicting opinions. Fortunately, we’re here to set the record straight.

The primary reason for keeping tax documents is to provide backup to the IRS if you are ever questioned about your tax returns. The IRS has several different rules for many different situations. Having an understanding of these situations can help you better determine how long to keep your financial documents for tax purposes.

As you know, there are […]