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- Ask Question or Comment (1)
- General (17)
- Income Tax (42)
- International Taxation (6)
- LLC's (21)
- Newsletter Topics (2)
- Payroll Tax (6)
- Retirement Accounts (4)
- Sub S Corporations (18)
- 6. July 2010: HIRE ACT
- 24. June 2010: State of Florida Annual Filing Fee
- 23. June 2010: Spouse & Homebuyer Credit
- 21. June 2010: Homeless Person - I gave money - can I deduct it?
- 21. June 2010: Proof in an Audit
- 1. June 2010: Recourse vs. Nonrecourse Debt
- 5. March 2010: Reverse Mortgages - Taxable? Deductible?
- 3. March 2010: Work Clothes Deduction
- 12. February 2010: Scholarship Count Toward Support?
- 7. February 2010: Mileage Rates in 2009
Blogroll
What if I owe the IRS and Can’t Pay in Full?
Set Up an Installment Agreement. You really don’t need to hire anyone. Some general rules…
If you owe Personal Income Tax of less than $10k, divide the amount by up to 36 months and offer to pay this… it is a GUARANTEED INSTALLMENT AGREEMENT.
If you owe Personal Income Tax of less than $25k, divide the amount by up to 60 months and offer to pay this…. It is a STREAMLINED INSTALLMENT AGREEMENT. It is not guaranteed but it usually works.
If you owe Payroll Tax, divide the amount by up to 24 months. This is usually successful.
In all circumstances, you will have to be “In Compliance”… meaning, you have filed timely, and paid timely since the agreement. If you violate the “In Compliance”, you are back to square one.
Again, you do not really need to hire anyone in the above circumstances… but if you feel more comfortable in doing so, or your situation is you owe more than the above amounts, you can contact us www.USATaxHelp.com