IRS Form 9465

Resolving IRS tax problems by yourself can be a very challenging task. The IRS offers many programs designed to resolve IRS tax problems. But most of these programs take plenty of time to complete all the required forms and to complete the due diligence on the financial disclosures. The fact is, most taxpayers just don’t have the ability to do it all by themselves.

Each year, thousands of Americans file their tax returns and discover that they owe more income tax than they can afford to pay immediately. Additionally, many taxpayers owe back taxes and have no idea how they can pay those amounts. Fortunately, the Internal Revenue Service (IRS) understands that income taxes, including back taxes, can be a severe burden and has instituted a program that allow taxpayers to pay taxes in monthly installments instead of lump-sum amounts. Read on to find out how to implement and maintain a valid installment agreement.

IRS Form 9465 ‘Installment Agreement Request’ is used to request a monthly installment plan if you cannot pay the full amount you owe shown on your federal tax return. It is highly recommended that you pay a portion of the amount you owe and request an installment for the remaining balance. Form 9465 is available in all versions of TaxACT and can be electronically filed with your return.

Once your tax bill has been established, you basically have three options available if you are not able to pay the full tax bill. Each of these options can get complicated. Professional tax advice should be sought to best choose the option that meets your tax situation. Remember to file your tax return on time even if you don’t have the money to pay your tax. The penalty for not filing your return is 5% of your tax liability a month up to a maximum of 25%.

Published December 21st, 2009

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