{"id":493,"date":"2011-08-07T15:46:26","date_gmt":"2011-08-07T20:46:26","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=493"},"modified":"2011-08-07T15:46:26","modified_gmt":"2011-08-07T20:46:26","slug":"ten-tips-for-taxpayers-who-owe-money-to-the-irs","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=493","title":{"rendered":"Ten Tips for Taxpayers Who Owe Money to the IRS"},"content":{"rendered":"

While the majority of Americans get a tax refund from the Internal Revenue
\nService each year, there are many taxpayers who owe and some who can’t pay the
\ntax all at once.\u00a0\u00a0 The IRS has a number of ways for people to pay
\ntheir tax bill.<\/p>\n

The IRS has announced an effort to help struggling taxpayers get a fresh
\nstart with their tax liabilities. The goal of this effort is to help
\nindividuals and small business meet their tax obligations, without adding
\nunnecessary burden.\u00a0 Specifically, the IRS has announced new policies and
\nprograms to help taxpayers pay back taxes and avoid tax liens.<\/p>\n

Here are ten tips for taxpayers who owe money to the IRS.<\/p>\n

    \n
  1. Tax bill payments<\/strong> If you get a bill this
    \nsummer for late taxes, you are expected to promptly pay the tax owed
    \nincluding any penalties and interest.\u00a0 If you are unable to pay the
    \namount due, it is often in your best interest to get a loan to pay the
    \nbill in full rather than to make installment payments to the IRS.<\/li>\n
  2. Additional time to pay <\/strong>Based on your
    \ncircumstances, you may be granted a short additional time to pay your tax
    \nin full. A brief additional amount of time to pay can be requested through
    \nthe Online Payment Agreement application at www.irs.gov<\/a>
    \nor by calling 800-829-1040.<\/li>\n
  3. Credit card payments<\/strong> You can pay your bill
    \nwith a credit card. The interest rate on a credit card may be lower than
    \nthe combination of interest and penalties imposed by the Internal Revenue
    \nCode. To pay by credit card contact one of the following processing
    \ncompanies: Link2Gov at 888-PAY-1040 (or     www.pay1040.com<\/a>),
    \nRBS WorldPay, Inc. at 888-9PAY-TAX (or     www.payUSAtax.com<\/a>),
    \nor Official Payments Corporation at 888-UPAY-TAX (or     www.officialpayments.com\/fed<\/a>).<\/li>\n
  4. Electronic Funds
    \nTransfer<\/strong>
    \nYou can pay the balance by electronic funds transfer, check, money order,
    \ncashier’s check or cash.\u00a0 To pay using electronic funds transfer, use
    \nthe Electronic Federal Tax Payment System by either calling 800-555-4477
    \nor using the online access at     www.eftps.gov<\/a>.<\/li>\n
  5. Installment Agreement<\/strong> You may request an
    \ninstallment agreement if you cannot pay the liability in full. This is an
    \nagreement between you and the IRS to pay the amount due in monthly
    \ninstallment payments. You must first file all required returns and be
    \ncurrent with estimated tax payments.<\/li>\n
  6. Online Payment Agreement
    \n<\/strong>If
    \nyou owe $25,000 or less in combined tax, penalties and interest, you can
    \nrequest an installment agreement using the Online Payment Agreement
    \napplication at     www.irs.gov<\/a>.<\/li>\n
  7. Form 9465 <\/strong>You can complete and
    \nmail an IRS Form 9465, Installment Agreement Request, along with your bill
    \nin the envelope you received from the IRS.\u00a0 The IRS will inform you
    \n(usually within 30 days) whether your request is approved, denied, or if
    \nadditional information is needed.<\/li>\n
  8. Collection Information
    \nStatement<\/strong>
    \nYou may still qualify for an installment agreement if you owe more than
    \n$25,000, but you are required to complete a Form 433F, Collection
    \nInformation Statement, before the IRS will consider an installment
    \nagreement.<\/li>\n
  9. User fees<\/strong> If an installment
    \nagreement is approved, a one-time user fee will be charged.\u00a0 The user
    \nfee for a new agreement is $105 or $52 for agreements where payments are
    \ndeducted directly from your bank account.\u00a0 For eligible individuals
    \nwith lower incomes, the fee can be reduced to $43.<\/li>\n
  10. Check withholding<\/strong> Taxpayers who have a
    \nbalance due may want to consider changing their W-4, Employee’s
    \nWithholding Allowance Certificate, with their employer. A withholding
    \ncalculator at     www.irs.gov<\/a> can help
    \ntaxpayers determine the amount that should be withheld.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    While the majority of Americans get a tax refund from the Internal Revenue Service each year, there are many taxpayers who owe and some who can’t pay the tax all at once.\u00a0\u00a0 The IRS has a number of ways for … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3],"tags":[],"class_list":["post-493","post","type-post","status-publish","format-standard","hentry","category-individual","category-taxation"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=493"}],"version-history":[{"count":1,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/493\/revisions"}],"predecessor-version":[{"id":494,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/493\/revisions\/494"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}