Even good, responsible people can end up owing the IRS a lot of money. If you find yourself in this position and are unable to pay your debts, you might be eligible for a tax reduction or a tax repayment plan that will make your payments affordable.
You shouldn’t let problems with the IRS sit. They will only become worse and disadvantage you in the long run. You will end up owing even more money if you don’t handle the issue promptly. The IRS has the power to garnish your wages, take your home, levy your bank accounts, and claim any tax refunds you may otherwise have received.
All of these factors will negatively influence your credit score. With a low credit score you will have trouble buying a home or car, getting a credit card, renting a home or apartment, starting up certain cell phone plans, and more. Suffering the consequences of negative credit can be very expensive.
Payment Plans that Suit You
Federal Law states that the IRS has up to ten years to collect any outstanding tax debts. After ten years, it can be extended. If you can’t pay in full right away, you can often work out an agreement. Individuals who owe $10,000 or less in total, are eligible for a tax payment plan. Establishing a payment plan that is affordable can be difficult, but we can help.
Payment Plan Through an Accountant
Dealing with the IRS can be stressful, no matter the situation. Regulations and piles of paperwork can leave your head spinning. The best way to make sense of all of the red tape is to go through a tax professional, which will ensure that you are obeying current tax laws and not getting further into trouble.
Find someone whose advice you can trust.
Remember not to let these issues grow out of control. Feel free to contact Accounting Solutions Ltd. for all of your tax and accounting needs. We can answer any questions or concerns you might have. We have been serving Chicago for over 25 years and give each client personalized attention. Give us a call at 773-267-7500
or 888-310-0300. We look forward to working with you!