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Many taxpayers are not aware of the fact that there are many types of IRS payment plans. The one that you will use depends on how much money you owe Cheap Soccer T-shirts , your ability to make the required monthly minimum payments, as well as several other determining factors. Although all IRS payment plans are different Cheap Soccer Shirts , the bottom line remains the same: they allow you to pay your debt over an extended period of time.

Here are the types of IRS payment plans and some basic information to give you a better idea of what they have to offer:

1. Guaranteed installment agreement. Those who owe less than $10k will be able to take advantage of this IRS payment plan. This type of agreement is usually paid over the course of three years or less. This is a very easy installment agreement to qualify for, which is why it is called guaranteed.

2. Streamlined installment agreement. This is for taxpayers who owe the IRS $25k or less. This payment plan is usually spread out over the course of five years or 60 months - but it can be less. This form of payment plan allows a taxpayer to make payments over a longer period of time than the guaranteed installment agreement. Sometimes the IRS will not approve individuals who file for these because they feel they won't be able to make the minimum payments required or they have a history of defaulting on installment agreements.

3. Financially verified installment agreement. If you owe more than $25k to the IRS you may need to think about this type of payment plan. With this Cheap Soccer Jerseys Free Shipping , you need to include a financial disclosure. A financially verified installment agreement is more complicated than the two detailed above. If you owe the IRS this much money they will want to know details about your financial situation and you will have to give them confidence that you eventually will be able to pay off the amount owed before they allow you to enter into one of these payment plans.

4. Partial payment installment agreement. With this IRS payment plan you are able to pay over many months, but also for less than what you actually owe. In most cases Cheap Soccer Jerseys From China , a partial payment installment agreement is easier to obtain than an offer in compromise. And with the ability to pay less than what is owed, it is something that many taxpayers are interested in. You will only qualify for a partial payment installment agreement if you can prove to the IRS that if you were to make the required payments with a normal installment agreement it would cause you economic hardship.

Are you confused as to which IRS payment plan is right for you? Those who do not know where to start need to hire a tax professional. There is a lot to know about all the different types of IRS payment plans Cheap Soccer Jerseys China , including both pros and cons. The above information is a great start, but if you need to hire a professional you should feel free to do so. Doing so will help to ensure that you make all the right decisions.
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