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Whatever amount you decide you can pay try to make these payments and have the outstanding balance paid in a years time. Decide on a date each month where the IRS will receive you payment. Pay on time, if you think you are going to have problems paying on that date then choose another. You can actually have the money taken out of your bank account every month, be sure to include your bank information.
What if you are married
If you are married and filed a joint account then both signatures of you and your spouse must be on the paper work when you submit them. Make a copy of the form for yourself and when you mail in this form , make the first payment it shows you are serious about making the payments. Most people who owe the IRS money don?t know about this form. They wait until the IRS contacts them and then they try to make payments but the IRS will know you are serious because you used the proper form.
The IRS will also attach a $ 43 fee for setting up the installment contract and there will be some interest accrued on the debt. The IRS will not bill you every month so make sure you are aware of the date and the amount owed on the debt. If you don?t hear anything back from the IRS confirming the contract then still send the money in, it will look good to them that you are sending in payment on a monthly basis or a weekly basis whichever way you decided to make the payments.
It is very important to keep this contract and make your payments on time. The IRS has the discretion to terminate the contract at any time if you are not living up to your end.
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