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Five More Tips For Taxpayers With Back Tax

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In our last blog post, we gave you five tips that can help you navigate through back taxes to attain tax resolution. Here are five more tips that you may find useful in dealing with the IRS: 

  1. If your total payment, including interest, penalties and original tax amount, is $25,000 or less, you have the option of requesting an installment agreement that utilizes the online payment agreement application. This gives you more time and convenience with which to make your full payment. If you complete a Form 9465 and mail it to the IRS with the original bill and envelope that you received from the IRS, they will notify you whether your request has been approved, or not, within 30 days.
  1. Ask a lawyer if you are eligible to qualify for an Installment Agreement, if your total owed is higher than $25,000. Often, a Collection Information Statement, also known as a Form 433F, will allow you to use this option even if your amount owed is higher than the maximum.
  1. Make sure to take into account the user fees that will be added if you qualify for an Installment Agreement. These usually amount to anywhere between $50 and $105, and consist of a one-time payment to begin the agreement.
  1. If you have a high balance due, you may want to change your W-4 with your employer, so that more money is withheld, and you are able to pay off your back taxes in time.
  1. No matter what your total back taxes amount to, it is always a good idea to seek out a tax attorney to help you navigate the complicated legal world of the IRS. 

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