Paying a Tax Bill in Installments - What do you know about it? Have you done it?
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Anonymous
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Our tax bill might be about 9K more than we have set aside this year. We were thinking about paying the IRS back in installments but wanted to get some input from others on this? Have you done it? Did it show up on your credit report? Did it impact anything else?
I will also be speaking to my tax accountant and the IRS, but wanted to float this here as well. |
Anonymous
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Anonymous
| Don't you have another 4 months , before taxes are due. |
Anonymous
| Yes. And unfortunately, that isn't enough time to save the full amount we owe. |
Anonymous
| They'll give you a year or so but charge interest. There is a checkbox for payment plan or send a cover letter. Not a big deal. |
Anonymous
| It won't affect your credit so long as you make your installment payments on time. You can opt to pay by check or have electronic withdrawals. |
Anonymous
Wong . They'll give you a few years and when you pay off. You can ask them to waive penalties. |
Anonymous
| We've done it within the same year. You just call the IRS to work out a payment plan, and I think we were charged about 0.25% interest. Call the IRS. It probably sounds weird, but they're actually super helpful. |
Anonymous
Why would that sound weird? That's their job, to help. |
Anonymous
| When do you call? After you file or before? |
Anonymous
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They're are super helpful if you call first thing in the morning when they open at 7a. The agent/rep I spoke to yesterday spent 30 minutes going over everything (electronic payment system vs. direct deposit) with me.
PP if you file for 2012 withhout sending in a payment they'll send you a bill and you can then contact them and set up your installment plan or you can send in a portion of a payment with your return and set it up. |