Finding out you owe a sizable amount of money to the IRS when you can’t pay the balance in full is a difficult situation. Fortunately for those who need tax relief, the IRS offers installment plans to pay off debt over time, helping ease your financial burden. The knowledgeable tax preparation team at Selph and Friday, CPA, located in Texarkana, TX, explains how to set one up if you need it.

How to Set Up a Plan

An installment plan is a great option for taxpayers who owe less than $50,000, are current on their tax return filings, and need over 120 days to pay their bill. After you file your return, complete the online payment agreement form or the paper form on the IRS website. You must provide information about your income and expenses; they will then use this information to set up a payment plan.

Why Work With a CPA?

Working out a payment plan with the IRS by yourself can be a daunting proposition; a reputable accounting firm can work with you to get the tax relief you need. CPAs have the knowledge and experience necessary to take stock of your current financial situation and devise a workable repayment strategy.

Although the set-up fees for a plan can range from $30 to over $200, depending on the amount of money you owe, working with the IRS to pay off your debt is a much better option than facing penalties such as wage garnishment. Turn to the experienced accountants at Selph and Friday, CPA. They will work with you to provide tax relief and resolve your problems with the IRS as quickly as possible. Give them a call at (903) 792-0281 to make an appointment, or visit them online to learn more about their tax preparation services.