Income Tax Propaganda Cartoon

Do you know anything about installment agreements? If not, you have probably never owed the IRS any money. But if you have owed money in the past or are in this situation right now, you need to realize that an installment agreement is something that you can greatly benefit from. This is one of the many types of IRS payment plans that are offered to taxpayers who cannot afford to pay their debt in full. If you owe money and learn more about installment agreements you will feel comfortable with this option.

An installment agreement is the most common type of IRS payment plans. You can also use this type of plan if you owe state taxes. Additionally, this type of plan is usually the easiest to obtain. In other words, if you ask for an installment agreement the IRS will more than likely comply with your request because they know it is in both parties best interest.

With this type of payment plan you will be required to pay the IRS a set amount of money every month, on time. If you do not send the proper amount or are late the IRS has the right to cancel this agreement and seek payment in another way. You should also know that an installment agreement must pay off your entire debt within three years. The IRS will not enter into an agreement with you for longer than 36 months.

In the short term, it’s easy (and convenient) to believe there really isn’t much we can do about this, aside from cutting down on our trips to the mall or moving our families to some offshore tax haven. The truth, however, is that there is a relatively easy and legal way to reduce our tax burden, and it’s already written into our local tax laws. What I’m referring to is our home’s assessed value - that is, the value that the government says our property is worth. This is the value on which our property taxes are based. With home prices dropping dramatically across the country, one might think that our local tax assessor would take this into consideration, and then, like magic, we’ll payer fewer taxes this summer. Technically, this should be the case, but far too often, it’s not. Even in the event our taxes are reduced, it’s usually a case of “too little…too late”.

Not everybody who owes money will benefit from an IRS payment plan. Some people can afford to pay in full. An installment agreement is easy to setup, and if you get on a regular payment schedule that you are comfortable with you should be able to wipe out your debt in a matter of three years or less.

Let’s use Nevada as an example. In a state where average property values have fallen more dramatically than John Edwards’ political career, property tax revenues are actually up 14.8% since 2006, and those increases are fairly typical among many states. To be fair, there are a few states that have responded more fairly than others, with Ohio and Rhode Island leading the way. For the most part, however, the numbers tell a story of government bureaucrats over-assessing the values in their states. To be sure, of the states that report property tax collection data to the federal government, all but twelve of them have increasing property tax revenues. Of the other states, the lower tax revenues still aren’t inline with the realities of today’s real estate market.

Resource Author Francisco R. Higueras
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