As the tax season approaches, you might be feeling the stress of owing taxes to the government. In such cases, an installment agreement may be a useful tool to help you manage the payments you owe. But, as with any agreement, there are deadlines to be aware of. In this article, we`ll discuss what installment agreements are, how they work, and what you need to know about the deadline.
What is an Installment Agreement?
An installment agreement is an agreement between a taxpayer and the IRS that allows the taxpayer to pay their tax debt in monthly payments over time. This agreement helps taxpayers who cannot afford to pay their taxes in full, to pay off their debt over an extended period.
How Does an Installment Agreement Work?
To apply for an installment agreement, taxpayers must first file all tax returns and pay the corresponding tax due for the current year. Once all current taxes have been paid, the taxpayer can apply for an installment agreement online, by phone, or by mail. The IRS will review the taxpayer’s financial situation, including their income, expenses, and assets, to determine the appropriate monthly payment amount.
The payment plan typically lasts for up to three years, but can be extended for up to six years in some cases. Interest and penalties are added to the amount owed until the debt is paid in full.
What is the Deadline for an Installment Agreement?
The deadline for an installment agreement is typically 120 days from the date of the taxpayer`s tax assessment. It’s essential to note that if the taxpayer fails to pay their taxes by the deadline, the IRS may issue a tax lien or levy.
If a taxpayer is unable to pay their taxes within 120 days and needs more time, they may be eligible for a short-term extension or a long-term extension. However, interest and penalty charges will continue to accrue until the balance is paid off.
If you find yourself in tax debt, an installment agreement is an excellent tool to help you manage payments over time. While the deadline for an installment agreement is 120 days from the date of your tax assessment, it’s essential to apply as soon as possible to avoid additional interest and penalties. Remember, with an installment agreement, you have the opportunity to pay off your tax debt without facing immediate financial strain.
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