In life there are two things which you can’t halt; one is the death and other is the tax. While death is inevitable, there are ways to deal with the tax even if you are caught in a vicious circle of life. Do you think that IRS is wreaking havoc in your life and you are totally at its mercy? From individual to business tycoons everyone in life tastes the bitter experience with the IRS because not everyone is aware of how and when to deal with the IRS as not everyone has deep knowledge of finance and taxes. Failing to file the tax may result in grave problems like IRS can charge penalty, charge interest, forfeit your return, seize your social security, seize your property and even they can summon you. But there is always hope and you don’t need to worry. You just need to contact a trustworthy company which can help you to resolve a headache and a reputable company would have a better understanding of your problem than you because they know the core issue and how to deal with it. Tax help MD is just a call away to give you a new beginning even if you are at the rock bottom because with our experienced professionals we have revived the life of so many people.
There are many options to deal with the tax issue and one of most effective and easy way to resolve the issue is through the monthly installment methods. You can choose the minimum monthly payment method which will depend on how much you owe. If you are able to pay off within 120 days then they wouldn’t charge you any fee, but if you can’t pay in that specified time than you would be charged with $120 for setting payment plans which will be $225 from January 1st, 2017.
If you owe $10,000 or less than there is no need of setting a minimum monthly payment provided that you pledge to pay off your balance within 36 months. If you owe between $10,000 and $25,000 then you need to provide additional information to the IRS to approve the plan and you can pay the due within 72 months. A minimum payment does kick in, equal to your balance due divided by the 72-month maximum period. If it is between $25,000 and 50,000 you need to provide more detailed information by filling the form 9465-FS and the minimum payment per month will be same as between $10000 and 25000.
If you owe more than $5000 than IRS will conduct a more thorough review and you need to fill the forms 433-A (Collection Information Statement for Wage Earners and Self-Employed Individuals) and 433-D (Installment Agreement). In this condition, your minimum balance would be unique depending on the evaluation by IRS and you can pay the balance within 84 months. This installment plan is new and it would be in effect soon.