Installment agreements possible when you cannot pay your taxes

On Behalf of | Mar 15, 2019 | Tax Liens

In light of the tax changes that took effect in 2018, are you finding that you owe the government a significant sum this year? If you are, you are not alone. Many Connecticut residents have been shocked to see that, instead of receiving tax refunds, they owe a lot. If you cannot afford to pay what you owe in taxes by mid-April, do not fret; the Internal Revenue Service is likely willing to work with you on this.

One thing that the IRS may be willing to work out with you is an installment plan. A lot of people do not have the money on hand to pay a significant tax bill all at once. The IRS understands this. The government just wants to get paid, and if that means you pay in small amounts over a set period of time, so be it.

In order to achieve an installment agreement, there are certain steps you will have to take. While the government may be willing to offer installment agreements, achieving one that is affordable can take some work. Legal counsel can help you negotiate a payment plan that satisfies the IRS and works with your budget. To learn more about this topic, please take a moment and visit our firm’s website.

When it comes to the inability to pay your taxes in full, the sooner you start working to tackle the situation, the better. The longer you wait, the more interest and penalties will be imposed, which will not help your tax problem. A Connecticut-based tax attorney with experience working out installment agreements with the IRS can assist you in doing all that is necessary to settle your tax situation as quickly as possible.