by Jay Freeborne , Enrolled Agent
April 16, 2012

So, you and/ or your accountant diligently prepared your 2011 tax return. But due to a:

a. early IRA distribution
b. sale of property (not your home)
c. sale of business
d. self employment

you owe the IRS money!

If you can't afford to pay it, here's our advice if you owe

less than $10,000.00

send in the form 9465 with a request for an installment agreement. pick your # for what you can afford to pay.

OR

our tax professionals will post the Power of Attorney and handle it for you.

$10,000 to $25,000.00

send in the form 9465 with a request for an installment up to $500.00 a month for $25,000.00 and lower payments downward.

OR

our tax professionals will post the Power of Attorney and handle it for you. We will also examine if you qualify for an Offer in Compromise or Uncollectible Status to resolve the issue.

$25,000 to $50,000.00

send in the form 9465 for an installment agreement up to $725.00 per month. More on the new streamlines available for debts below $50,000 -- Streamlines on debts below $50,000

OR

our tax professionals will post the Power of Attorney and handle it for you and examine other payment options. We will also examine if you qualify for an Offer in Compromise or Uncollectible Status to resolve the issue.

$50,000 plus

With this amount I think you would truly and definitely benefit from hiring an Enrolled Agent or licensed tax professional like our staff at Washington Tax Services.

New rules in the Offer in Compromise program also need to be considered: 2012 Rule Changes to Offer in Compromise Program

Owe taxes for 2011 or any other year? For 30 years, WATAX has been solving every kind of tax problem. Call us at 1-888-282-4697 or email us a description of your tax issue and we'll contact you.

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(888) 282-4697

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