San Fernando Valley Tax Payment Plan Team
Repay Your Tax Debt in Manageable Monthly Payments
Many people struggling with tax debt are understandably overwhelmed by the numbers they see on their account statements and bills. If your tax debt seems insurmountable, there are ways to find relief and pay your taxes in more manageable chunks over time. At Tax Relief & Bankruptcy Group, we help clients negotiate payment plans with the IRS to repay their tax debt on a schedule more in line with their needs and abilities.
Payment Plan Options
For clients who owe a substantial amount of tax debt, we can negotiate with the IRS to establish a payment plan that allows you to repay your back taxes over time. Payment plans are generally restricted to taxpayers who owe $25,000 or less.
You can request a:
- Short-term payment plan: You can establish a short-term payment plan if you can pay the amount owed in 120 days or less. There are no setup fees, but there is a credit/debit card fee if you do not choose to pay through direct debit or EFTPS.
- Long-term payment plan: Also called an installment agreement, a long-term payment plan consists of monthly payments made through direct debit, EFTPS, check, money order, or debit/credit card over more than 120 days. Installment agreements come with setup fees on top of accrued penalties and interest.
The Benefits of a Payment Plan
A payment plan or installment agreement is not the best option for every taxpayer, but it can be an advantageous form of tax relief for certain individuals and businesses.
By establishing a payment plan, you can:
- Avoid the financial burden of large lump-sum payments
- Keep up with your other financial obligations and bills while paying off your tax debt
- Reduce your Failure to Pay penalty
- Halt the IRS’s collection efforts
Keep in mind that the primary downside of a payment plan or installment agreement is the fact that interest and penalties will continue accruing for the duration of your plan. Payment plans also do not protect you from tax liens.
Our team at Tax Relief & Bankruptcy Group would be happy to review your situation, assess your tax debt and your finances, and determine if a payment plan is the right option for you.
You're Protected by Attorney/Client Privileges & Confidentiality
Appointments Available After Hours & Weekends
Payment Plans Available for Select Services
Free 15-Minute Consultation
Services Available in Spanish & Farsi
Tax and financial hardship can cause you to lose visibility of what's most important and effect you and your family. Contact us today to work with compassionate and experienced attorneys who will navigate you to a save destination.