The IRS Solution If You Cannot Pay Your Taxes
Below is a MRR and PLR article in category Finance -> subcategory Taxes.
How to Handle Your Taxes If You Can't Pay the IRS
Overview
While the IRS encourages timely tax payments, it recognizes that sometimes taxpayers face financial difficulties. To support those in such situations, the IRS has developed a program designed to help.
Understanding the IRS's Approach
The IRS aims to collect taxes while keeping taxpayers within the system. This approach, adopted in the 1990s, prioritizes maintaining taxpayer engagement over exhaustive collection efforts. So, if you're struggling to meet your tax obligations, don't panic. It's more common than you might think, and manageable with the right steps.
How the Payment Plan Works
If you're unable to pay your taxes on time, the IRS offers a payment plan similar to a car loan?"spread across equal monthly installments. To qualify, you must first file your tax return. Then, use Form 9465 to request the plan, incurring a $43 application fee. Millions apply annually, making this a normal process without triggering audits or red flags. In fact, it shows the IRS that you're responsibly addressing your tax dues.
What to Consider
While the plan offers relief, it's essentially a temporary solution. Monthly payments will eventually clear your debt, but interest continues to accrue. A smart strategy is to make regular payments while simultaneously saving to make a larger lump sum payment when possible.
Final Thoughts
If you're unable to pay your taxes, remain calm. The IRS payment plan is a viable option, ensuring you remain on good terms with the IRS while managing your financial obligations effectively.
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