How can I get my back taxes taken care of? Part 3: Installment Agreements

Tax help and how can I get my back taxes taken care of, are 2 frequently asked questions online for tax payers. We have already touched on the OIC: Offer In Compromise and CNC: Currently Non Collectible. Today I am going to focus on Installment Agreements. There are a number of different installment agreements. This blog is about the standard installment agreement.

If you do not qualify for tax help in the form of OIC or CNC, then some form of installment agreement will be formalized with the IRS or the state. We help people with formalizing these agreements.

I get this question a lot:

Why would I pay your company to put me into a payment plan with the IRS, I can do that myself right? The short answer is yes. You can always choose to deal with the IRS on your own. However, if you owe more than $10,000 your outcome will not be on your terms or the best terms you can negotiate. Also and I believe this goes without saying; dealing with the IRS or State is stressful and time consuming. Time is money. Plain and simple.

At Oxford Tax Partners we make sure if you are retaining us for tax help; the fees you pay us are worth every penny and a wise investment. By paying us we will save you money.  Here is a hypothetical example:

1. Hypothetically, you owe the IRS $25,000 and do not qualify for any hardship programs. You call the IRS and based on your disposable income you are put into a payment of $500 a month. By hiring Oxford Tax Partners, if we were able to negotiate a payment of $200 a month, that is an annual savings of $3600. If your term is for 5 years that represents a savings of $18,000 of real money in your pocket. All of this is taking place while the statute of limitations is progressing closer to the day your remaining tax debt will fall of your record. We are very good at using the system to our clients advantage. 

The bottom line is that in most cases it is never a good idea to deal with the IRS alone. You do not get the best possible outcome and the IRS will extract as much money as they can from you because they are the largest collection company in the free world. 

Cheers, 

Noah Burford

noah@oxfordtaxpartners.com

714.926.4261 direct line

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