If you’re facing a penalty leveraged by the IRS, the outstanding balance can be crippling. Many people can’t pay their debts outright, leading them to default or accrue even more fines and penalties as they work to pay off the principle.
Instead of fighting an overwhelming debt head-on, it’s important to consider how an installment agreement may be your best option for tax levy help in Las Vegas, NV. This simple action can break down overhanging debt into smaller chunks that are more manageable over time. Here’s how it works:
- Many installment plans include a clause that makes them interest- and penalty-free. This keeps you from accruing more fees and accumulating more debt. It’s important to set up an installment agreement that addresses these items first and foremost.
- When you have the terms of an agreement worked out, you’ll need to determine the scope of payback. Depending on the size of the debt, this can be over months or even years. The IRS will work with you to determine a monthly amount you’re able to pay and a payoff date that coincides with this.
- Once the plan is in place, all you need to do is stay on top of payments to clear your debt!
Tax levy help in Las Vegas, NV comes in many forms, but perhaps the most easily understood and managed is an installment agreement. Speak with a tax professional at Dan Randall and Associates to learn more about how to set one up if you’re facing tax debt.
Categorised in: Tax Levy Help
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