Your Tax Question - 076

Dear John, I received a letter from the IRS that tells me that I owe them a decent amount of money that I don't have.  Can I set up a payment plan with them?  Thank you, Joan
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Hi Joan,


My question is "Are you sure that the IRS is correct - that you owe them what they say you owe them?"  Unless you know for sure you should not just take their word for it, you should check with your tax person to verify the IRS figures.


If, however, you are sure of their numbers then you should consider taking out a small loan to pay the IRS off in full (it is usually beneficial to you to be rid of them all together).  If you cannot do this then you might be able to get more time to pay (if you can pay in full).  I say all of this to now say "Yes" to your initial question - you may request a payment option.  This is done by filing out a Form 9465 and submitting it to the IRS where they will determine if you are granted the payment option, or not, with-in 30 days.


If you need help with any of this please send me an email and I'll get it all figured out for you.


Regards,
John