Title: Tax Payment Plan: Do it correct! Content: Tax payment plan is great for screwed up kind of people whom tax debt has gone simply out of control. The IRS in fact, will not let you go even for a few dollars. The option that you have today may become irrelevant tomorrow. Therefore, in case if you are not in a good financial condition but willing to get yourself rid of that tax money that you owe then it's a good option for you. When it comes to the options like tax payment plan, a lot of technicalities and ifs and buts involves too. Therefore, we would suggest you in favor of hiring a professional rather than applying the hit and try the method here. In the following passages, you can learn more about installment-based payment plan offered by the IRS. What are the benefits? In terms of the benefits, a tax payment plan is a good option that supports individuals with a threatening and growing tax debt. It is a way of moving ahead and settling your matters with the IRS. In a longer run, paying your tax debts is important to maintain a good credit history. The tax payment through distributed monthly installments will also keep you secure from harsh kind of consequences, which the IRS otherwise starts imposing after a certain period. What are the risks? Tax debt is a too risky thing. In fact, it grows at a remarkable pace and, starts getting out of control. The IRS, have the powers and mandate that they can provoke to recover their money within ten years. An individual can face various kinds of strict consequences because of owing tax money. We have seen, peoples losing their properties and personal belongings like cars. A defaulter might face jail, in case if the matter became too worst.
Who is Eligible? The installment-based payment option or tax payment plan is offered to both the business and self-employed taxpayers. The criteria sat for eligibility, or the merits are slightly different for each of the two groups as mentioned earlier. Let us talk about that criterion briefly,
(i) Individual taxpayers Can apply if their total tax debt (including penalties, interest, and individual income tax) is up to $50,000 Are eligible to apply only if they never missed filing a return (ii) Business taxpayers Can apply only if their total tax debt (including payroll tax) is not more than $25,000 As of in the case of individual taxpayers the applicant had have filled all the necessary returns How can I apply? Online Method There are two possibilities as far as lodging of an application is concerned. In case if you are the one who is eligible to apply as per the criteria mentioned above then it is easy. All you need to do is to raise an online request, and this applies to both the individual and business taxpayers. In most cases, online submission of that form is enough as an application. Applying by Mail However, in case you are not up to the mark as per settled criteria stated above then there is a different procedure to follow. The IRS may entertain your case, but you have to submit an application form by name. The identification number of that form is Form-9465, and you can have it downloaded from the IRS website. Should I go with a Professional? These kinds of procedures are quite typical as far as an average individual is concerned. Therefore, it is always safe to go there with a professional. In fact, a professional comes with a tendency of gaining much of the benefits for their clients. However, remember a few things before finally hiring one; Prefer a professional with IRS recognized credentials Check whether he have a valid PTIN number or not Check his or hers experience in dealing with the tax payment plan
Please Contact GLG Accounting at any time for your professional accounting solution. GLG Accounting is located at Address: 400 Central Ave, Suite 340B, Northfield, IL 60093, USA
Phone: 312-754-9377 Email: contact@glgaccounting.com
Sourch : https://www.glgaccounting.com/tax-payment-plan/