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paying off backed taxes


smokedurhonda
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is there any easy way to pay off backed taxes to the irs? i know about thier payment plans but im not in the financial state to pay them all of the money. i have already filed bankruptcy and was discharged on 10/08i know taxes cannot be included in bk. if i do opt to do the payment plan does anyone know the interest rates they charge? thanks to anyone who can help im out on a limb here.

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It is much better for you to get proactive on this rather than waiting until they contact you. If they have already sent you a letter, contact the local office IRS right away.

Go to this link to see what the interest and penalties are for delinquent income taxes. http://www.wwwebtax.com/payments/penalties_and_interest.htm

You have just recently been discharged from a BK - you can go to your local tax office and make payment arrangements. They will usually go up to 60 mths to pay back taxes. If you can not pay anything right this moment, you can ask for about 120 day (maximum) waiting period to get your ducks in a row. I forgot what this program is called (but it is like a hardship waiting period).

It is a little easier dealing with the local IRS branch than talking to a phone drone at the IRS.

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Back taxes can be included in a bk if they were filed more than 3 years before the bankruptcy. But if they have been filed more recently, they cannot. You can try to set up an installment agreement with them to pay off the balance. They sometimes have these set up to be repaid over several years. There is a fee of $150 to set up the agreement, but this fee can be added in to the total amount instead of paid up front.

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