Several factors will influence how long it takes to pay off your tax debt, including the amount of your balance, how old the tax debt is, and your overall financial situation. You may be able to settle your tax debt relatively quickly if you have low income and few assets. In other cases, you may need to make installment agreement payments over several years or more.
How Much Do You Owe?
The IRS generally wants your tax money as soon as possible. However, flexible payment arrangements are also offered to allow taxpayers to pay back taxes without breaking their budget.
If you owe under $10,000, you can qualify for a guaranteed installment agreement if you can pay off your balance within three years.
If you owe up to $50,000, you can typically pay off your balance over the course of 72 months with a streamlined installment plan by paying with direct debit. Taxpayers who owe $25,000 or less may be eligible for streamlined agreements using other payment methods.
Recent Comments