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Plus, the IRS might turn to garnishments and liens if you remain in tax debt for too long.
Here are five options to consider if you cant affordyour 2024 tax bill.
A short-term IRS payment plan gives you 180 days to pay off a tax debt of under $100,000.
Plus, you dont have to go through anextensive approval processor pay an utility fee.
Check theIRS installment plan pagefor app options and the rules for getting and staying on a plan.
This involves asking to pay a smaller amount, either in periodic payments or a lump sum.
When applying, youll need to give the IRS a detailed account of your assets, expenses and income.
you’ve got the option to appeal with more details if the IRS rejects your initial OIC.
Also, be prepared to pay a $205 utility fee unless you qualify for a waiver.
However, watch out for red flags that could mean a tax relief firm is trying to mislead you.
Keep in mind that payment processing fees will also apply.
The minimum is $2.50.
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