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Regular Contributor
Posts: 176
Registered: ‎01-29-2017
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Re: Paying taxes

How much time do you need? You can ask for a payment extension of 120 days for 0.5% per month.

FICO 8 Scores 02/21/2017 EQ 593, TU 584 EX 602 -- 06/21/2017 - EQ 632, TU 652, EX 656
Member
Posts: 8
Registered: ‎04-08-2015
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Re: Paying taxes

What about a payment arrangement with IRS and pay it every month

Established Member
Posts: 37
Registered: ‎07-17-2016
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Re: Paying taxes

As others have said, your cheapest option is a payment plan with the IRS.  Just make sure you live up to it or liens can be placed.  https://www.irs.gov/taxtopics/tc201.html

 

 

Established Contributor
Posts: 933
Registered: ‎01-15-2017
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Re: Paying taxes

Even just getting a payment plant can cause  a tax lien usually it has to be $10,000 but I have seen them for $800 before.

Established Member
Posts: 37
Registered: ‎07-17-2016
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Re: Paying taxes


Backwoods wrote:

Even just getting a payment plant can cause  a tax lien usually it has to be $10,000 but I have seen them for $800 before.


You sure about that?  I specifically asked that question of my CPA earlier in the year and was told there would be no lien as long as you were under a payment plan and you were honoring the terms.  The links below appear to confirm that.

 

https://www.irs.gov/pub/irs-pdf/p1660.pdf:

"Installment Agreements: IMPORTANT - The IRS can’t levy until 30 days after the rejection or termination of your agreement. If you appeal within the 30-day period, the IRS will be prohibited from levying until your appeal is completed unless the IRS believes the collection of the tax is in jeopardy."

 

https://www.irs.gov/taxtopics/tc202.html

https://www.irs.gov/individuals/payment-plans-installment-agreements

 

Established Contributor
Posts: 933
Registered: ‎01-15-2017
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Re: Paying taxes

[ Edited ]

I held a cpa certficate for over 30 years. I ran also  PYTA and AARP volunteer sites for years. I also was hired by the IRS to teach classes.   Levying is no the same as liening. The IRS can levy bank accounts, sieze wages, and take accounts rec well before a tax lien has been filed.   The link you provided talks about not levying this is not the same as liens. 

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