How Partial Payment Installment Agreements Work
If you owe the IRS money and can’t afford to pay it all back at once, a partial payment installment agreement might be the solution. This type of agreement allows taxpayers to pay off their IRS debt over time. Here’s how it works:
To qualify for a partial payment installment agreement, you must meet certain criteria. You must have a balance due that is $25,000 or less and owe no more than four years worth of taxes (including penalties and interest). Additionally, you must file your tax returns on time and make estimated tax payments when required.
After meeting the qualifications, you will need to enter into an installment agreement with the IRS. The amount of your monthly payments will depend on your financial situation - including income level and expenses - as well as how much you owe.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
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