| Don Khoury |
| Associate Broker |
| 540-341-8926 |
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Can't Pay Your Taxes? Ask the IRS for Help
| If you can’t pay your income taxes, don’t panic.
Asking the IRS for a payment plan can be the cheapest and least painful
solution, say many tax experts. The IRS will agree to an installment payment plan as long as you don’t owe more than $10,000, if you’ve filed your returns on time, and if you've paid all taxes due during the last five years. You cannot have entered into a previous installment agreement during that time, and you must pay what you owe within three years. If you owe more than $10,000, you still can request an installment agreement, but you’ll have to submit more financial information and get approval from an IRS district office. Expect to late payment penalties and interest, as well as an administrative fee of up to $105. Download an Installment Agreement Request, Form 9465, from the IRS Web site. Source: Associated Press, Joyce M. Rosenberg (03/30/2007) |
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