Installment Agreement and Tax Problems in Norwalk, CT

Federal and State tax problems of all kinds can often become an overwhelming and seemingly unsolvable situation for overdue taxpayers or small businesses. All types of taxes create penalty fees, interest charges and late fees that compound the problem by making past due taxes reach epic proportions. While tax debts can be scary to even the most sophisticated, they are often the easiest problems to solve with the counsel of qualified tax and legal professionals. At the Law Offices of Neil Crane, we've been solving tax problems throughout Fairfield County from our Bridgeport office since 1983. Call us for a free consultation at 203-230-2233 or toll free at 1-888-249-3027.

 

Tax Repayment Through Installment Agreements

Since overdue taxpayers rarely have enough money available to pay even the principal amounts due on past State or Federal taxes, Installment Agreements are available for income taxes of all types, either automatically or by special allowance. These arrangements provide for monthly payments on overdue State and Federal income taxes. In particular, the IRS now provides a variety of simplified options for income tax repayment over time; including:

Guaranteed Installment Agreements: This "streamlined" process allows taxpayers with past balances of under $50,000 to "automatically" qualify for equal monthly payments over a period of 72 months. The IRS now provides an online assessment and submission for taxpayers qualified under various guidelines to promptly obtain an automated approval or assessment of for a six year repayment schedule on overdue income taxes.

Partial Payment Installment Agreements: For taxpayers unable to meet the requirements of a streamlined or guaranteed Installment Agreement, the IRS allows taxpayers to request an installment arrangement on an amount below the full income tax balance owed. All requests must be well-documented and properly presented based on all sources of income and "allowable" monthly expenses.

Understanding the proper calculation of income and deductions for "allowable" expenses is essential to the success of any non-guaranteed Installment Agreement. To maximize the chances of successfully solving your tax problems, call us today to obtain a free consultation.

To learn more about the installment agreements and other solutions to your tax problems, call the experienced and dedicated Norwalk tax problems attorneys today at 203-230-2233 or toll free at 1-888-249-3027 to speak with us personally and set up your free consultation.