Tuesday, August 11, 2009

Do you owe money to the IRS?

Instead of receiving the refund that you were anticipating, did you get a tax bill from the IRS stating that you owe moeny to them? Here are some approaches to handle this matter.

1. You should consider taking out a loan and pay off the debt first rather than go into an installment plan with the IRS.
2. If you have a low rate on your credit card, it may be more feasible to pay the amount due with the credit card.
3. If you need to go on an installment plan with the IRS, you need to file all your respective tax returns and complete Form 9465- Installment Agreement Request form.
4. Once your request is approved, a payment plan is setup between you and the IRS.

source: http://www.irs.gov/newsroom/article/0,,id=172694,00.html

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