IRS Payment Plans Northern Virginia
The IRS allows you to pay off your debt over time with a payment plan. Like a typical payment plan, you will still owe interest and other penalties for paying your taxes late, but it may be a good idea for short-term saving and if you’re looking to make your IRS payments more affordable. When it comes to monthly payments, the IRS handles the installment plans differently depending on how much you owe.
$10,000 or below
Your installment plan will be automatically approved if you owe less than $10,000 to the IRS, meaning as long as you pay off your balance within 3 years, no minimum payment is required.
If you owe between $25,000-$50,000, you will have to qualify for a plan with a higher balance, which also requires additional information such as your income and expenses.
If you owe more than $50,000 to the IRS, qualifying for an installment plan will have to be determined by a thorough review of your assets and liabilities.
If you need to set up a payment plan with the IRS, Gilliland and Associates can assist those living in Northern Virginia.
Call (703) 448 – 9121 to discuss your business and individual accounting requirements.