What You Need to Complete IRS Form 9465 — The Installment Agreement
Installment agreements are among the most common solutions for dealing with IRS debt. Under this approach, you can gradually pay off tax debts over time. Before you can begin chipping away at this debt, however, you may need to complete IRS Form 9465. Keep reading to discover best practices for submitting this essential document.
First: Do You Need to Complete IRS Form 9465?
Before you get started with IRS Form 9465, determine whether you need to complete it in the first place. Depending on how much you owe the IRS, you may be able to apply for an installment plan online. The IRS offers an option known as the Online Payment Agreement, which may help you bypass both paperwork and fees.
Next: Gather Details About Taxes Owed And Ability to Pay
IRS Form 9465 begins with a request for basic contact information. Next, you’ll need to enter the amount displayed on your tax return or notice, as well as any additional balances not included in this figure.
The document also requests feedback on how much you are comfortably able to pay each month. This amount should be large enough to minimize interest and penalties, but small enough that you can actually make payments as you deal with other financial concerns.
Do your homework and take a deep dive into your budget before you quote a specific amount on Form 9465.
Finally: Enter Payment Information And Submit the Application Fee
How and when do you intend to pay installments each month? The IRS allows you to select a preferred date and method. Keep in mind that this may influence how much you pay for the application fee.
Enter direct debit information if relevant and be prepared to pay the application fee as you submit the document. Keep in mind that, under select conditions, these fees can be waived or reimbursed.
Ready to get started with an IRS installment plan? There’s no need to handle the application on your own. Let the Highland Tax Group help you set up a payment plan that works for your budget.