An appropriate and affordable installment agreement by a professional tax service in Orlando is one of the best ways to get rid of tax debt problems. The Internal Revenue Service offers four different kinds of installment agreements to individuals owing back taxes. In this scenario, it is vital to understand which installment plan you are eligible for and can meet your financial needs as well.
If you have opted for professional tax debt help Orlando, FL, then it is the responsibility of your tax attorney or accountant to negotiate with the IRS on your behalf and arrange the most effectual installment plan. These agreements serve as a feasible alternative and make your tax payments more convenient.
Tax Debt Relief Tip 1 – Conditions for Installment Plans
The Internal Revenue Service has to offer you an installment agreement if you owe as much as $10,000. However, the IRS has set the following criteria for people looking for installment plans:
- You must not have made late tax payments in the last 5 years.
- You must have filed all your tax returns in the last 5 years.
- Your installment payments should be able to pay off your entire tax debt within 36 months.
- You must not have availed any installment plan in the last 5 years.
- You are responsible to file tax returns on time in the upcoming years.
- You are responsible to make timely tax payments in the upcoming years.
The entire working of an installment agreement depends on the procedures, policies, and regulations of the IRS. However, the IRS allows taxpayers to negotiate according to their own needs and preferences. Expert Kissimmee tax services in Orlando, FL can help you in this regard and enable you to get an affordable and effective installment agreement.
Tax Debt Relief Tip 2 – Benefits of Installment Agreements
By establishing a payment plan with the Internal Revenue Service, you can enjoy the following great benefits:
Tax Help Installment Plan Tip 1 – No Need to Make Instant Payments
One of the primary benefits of an installment agreement is that it allows you to not pay your entire tax debt right away. If you believe that paying the entire amount of your tax debt can ruin your personal finances, then a monthly payment plan may work well for you. If you have always filed and paid your taxes promptly but don’t have $10,000 at the moment, then the IRS is likely to accept your installment offer. Even if you don’t satisfy its criteria, you can make negotiations with the IRS to devise a settlement plan for you.
Tax Help Installment Plan Tip 2 – End the Collection Procedure
You can get an installment plan to end the collection process of the IRS. However, the Internal Revenue Service can garnish or levy your wages. It implies that the IRS can ask your employer to deduct the amount you owe from your paycheck. A monthly payment plan can put all collections, tax liens, and garnishments to an end.
If you are facing any kind of tax problem, including back taxes or tax debt, then you should seek expert tax debt help Orlando, FL, or tax debt relief services Orlando, FL. Besides analyzing your financial conditions and tax problems, these professionals can help you decide the best debt relief program.
If you need more information about our tax debt relief services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting firm has its main offices in Kissimmee, FL. We serve the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.