How Much Time Do I Have To Pay Taxes?

Jan 24, 2015 By Evan Nielsen In Taxation No Comment Tags : , ,

The failure to pay income taxes, or the inability to do so is common. Each year, there are taxpayers who are unable to remit payment with their return on April 15th.  If this is your case, it is best to work with the taxing authorities to learn your options. An experienced tax resolution attorney can help you in this endeavour, and help reduce the stress that accompanies issues involving taxes and the IRS. One option available to reduce the financial hardship caused by payment of taxes is by structuring payment over time.

If you are unable to make payment in full, you can request approval to make payments by filling out an Installment Agreement Request form. It is important to remember that when you enter a repayment agreement, interest is charged. Thus, it is best to repay what you can quickly, to avoid paying excessive interest. Consider the following when proposing a repayment schedule:

  • Your income level will be taken into account when you propose a monthly payment amount, and time period for repayment.
  • If you owe less than $10,000.00, your repayment plan is likely to be approved. For debts of this amount, as long as you repay what is owed in 3 years or less, there is no set minimum payment amount.
  • For tax debts between $10,000.00 and $25,000.00, you can make payments for up to 72 months.
  • The most intensive scrutiny of your financial ability comes when you owe $50,000.00 or more. In this instance, the minimum payment you will be required to pay is decided on the unique factors of your case

When completing the Installment Agreement Request form, if you fail to request an amount or propose repayment terms the IRS can seize your assets and your pay check, until you do work out a satisfactory payment arrangement. It is also critical to keep in mind that the more you owe, the more your income will be scrutinized for ability to pay. For help structuring a repayment plan with the IRS, call a qualified attorney with experience negotiating payments.

If you are experiencing difficulty paying your tax debt, call our office for assistance. Let the professionals at Nielsen Law Group help you negotiate with the IRS. Call (480) 888-7111 or submit a web request here. We work with you to develop a repayment plan that fits your needs and your budget.