There might be various types of strategies to help combat issues with financial strain and the path that proves most fruitful may vary in each situation. Individuals in Georgia who face high levels of tax debt might not always be aware of the tools available to help address their concerns. While the IRS may offer payment plans to those in need, knowing if this might be a viable option can seem challenging at times.
The options
Experts indicate that the IRS offers two types of payment plans to those who qualify for such programs. Short-term plans may be a viable path for those who are unable to pay off taxes immediately but can fulfill such obligations within the next six months. To qualify for this plan, one cannot owe more than $100,000 in tax debts.
Long-term plans may be an option for those who may require more than six months to pay off tax debts. However, those who owe more than $50,000 in tax debts might not be eligible for this option. While there may be some fees associated with similar payment plans, there are some scenarios in which the IRS may waive these fees. It may also be helpful to note that those who owe more than $25,00 in tax debts may only be able to set up a payment plan by agreeing to automatic withdrawals.
Choosing the best path
While payment plans may be beneficial in some situations, this might not always be the best path with which to seek relief from tax debts. With numerous options to consider, those who face such concerns might find it helpful to speak with an attorney for guidance in making informed choices about their financial futures. Seeking such advice could help a person better prepare to choose a path for tax debt relief that best aligns with his or her interests and needs.