What Options do I Have if I Can’t Pay Taxes Owed?

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Believe it or not, not everyone is able to pay back all his or her taxes all at once. The IRS knows this and they have different options available for you. A lot of these are sponsored by the IRS and will allow you to work with them in order to pay them back in full. The easiest form of installment to obtain is the Guaranteed Installment Agreement. This agreement is for taxpayers who owe less than $10,000 and will allow them to pay back the entire amount in 3 years or less. If you owe $25,000 or less than the Streamlined Installment Agreement might be the program for you. With this program you will be able to pay off al taxes owed to the IRS in a period of 60 months or less. This includes interests and penalties as well. There are also non-IRS sponsored alternatives such as borrowing money from family and friends and filing for bankruptcy.

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