Fort Lauderdale IRS Installment Agreement Attorney
It is no secret that taxes are expensive. Many people submit their income taxes every year, only to receive a bill they cannot afford. This is not a good situation. People who do not pay their taxes will face very serious consequences from the Internal Revenue Service (IRS). Fortunately, it is possible to create a payment plan that makes it easier to repay your debt while also shielding you from the consequences of failing to do so. Our Fort Lauderdale IRS installment agreement attorney explains more about these agreements below.
You Can Take Up to 72 Months to Pay
IRS installment agreements can last for up to 72 months, or six years. This means you could have a very long time to repay your tax debt. It is important to note though, that you will still likely have to make monthly payments. So, while you may have five years under your plan to repay the IRS, you will still have to pay a little bit each month to lower the amount of debt little by little.
Calculating the Monthly Amount
If you enter into an IRS installment agreement, you will have to pay a portion of your disposable income every month. This portion may even be up to 100 percent of your disposable income. No one can determine how much exactly you will have to pay, but a lawyer can advise you on the guidelines used by the IRS. These guidelines consider your necessary expenses, how much of your disposable income you need to pay for those expenses, the size of your household, and the fact that you live in Fort Lauderdale.
Alternatives to an IRS Installment Agreement
Disagreements between the IRS and borrowers often arise. You may not agree with the IRS about whether an expense you currently pay is a necessity, and the amount in the guidelines may be lower than your actual expenses. In these cases, an IRS installment agreement may not be the best option for you. However, you do have alternatives, such as obtaining Currently Not Collectible (CNC) status.
Another solution that is better for some borrowers than an IRS installment agreement is the Offer in Compromise. To determine if this is a better option for you, it is important to determine the penalties you will face during the installment agreement. During this time, you will still incur interest and other penalties. If you can afford to pay the debt all at once, an Offer in Compromise can help you avoid those penalties and pay off the debt quickly.
Our IRS Installment Agreement Attorney in Fort Lauderdale Can Advise You of Your Options
At Ronald Cutler, P.A., our Fort Lauderdale IRS installment agreement attorney can advise you of the many options available for paying tax debt, and recommend the one that is best for your situation. If you have a tax issue, call us now at 386-490-9949 or contact us online to request a free consultation with our experienced attorney and to learn more.
