It’s not surprising if you’ve got so much more in your hands like owing a lot of taxes. Although you may not be in the most desirable situation just like other good citizens and taxpayers of the state, you are not alone. So here are some of the helpful things to help you straighten out the kinks of owing money and some of the most remarkable possibilities that you also need to consider. For your IRS Debt, especially when you’re in Nashville, if you’re one of those people who don’t have enough funds to pay off all your pending bills, let alone your overdue taxes, then you can definitely arrange for a monthly payment schedule with the agency. Here are some of the agreements that you may want to consider. One is the guaranteed installment agreement; for this, the IRS may need you to agree on a stated installment plan especially if your balance due is $10,000 or lesser than the said amount, plus all your tax returns also need to be filed, and that you also agree to file those returns timely in the future.
You may also resort to streamlined installment agreements; for this, you can qualify for the system if the balance that you owe is $50,000 or less, and you need to pay off the balance in 72 months or less as well.
Then you can also resort to partial payment installment agreements, this is best when your present income can’t cover for even the minimum payments for the guaranteed or streamlined agreements. This one can also be set up to pay for a longer repayment term and the agency will then document or file a federal tax lien in order to protect the agency’s interests. The IRS will also be responsible to reevaluate the terms of the said agreement once every two years to determine if they can add more to what you can actually pay to shorten your pay time.
If all else fails, there’s the non-streamlined payment agreement. This applies to those balance dues that amount to more than $25,000 or if you need to have a repayment term that’s longer than five years; or if you don’t meet one or more of the criteria for the agreement plan, you can still set up your own terms for payment, but approval for this one may not be guaranteed all the time. There are times when your IRS Debt, even in Nashville may accept less than what’s really required for full payment, and that would include penalties and interests too, if there are any questions and doubts regarding if it’s alright for you to pay the amount in full, or if there are queries as to whether or not you are the one responsible for the full amount.
