Your IRS Solution Begins With Your Ability To Pay
(Forms 433A and 433B)
The solution to your IRS problem depends almost entirely on your financial situation.
Now that may seem pretty scary to you. It might seem scary to you because you don't have a very good financial situation. The good news is that may be good news for you if you owe the IRS money because they look at your ability to pay in relation to what you owe, in some situations. Now there are other situations where that may not come into play at all. The first thing you need to consider is what is your financial ability to pay. They have forms on the IRS website that help you determine that if you don't have a provider to help you with that. It's called the Form 433A, and if you are a business owner the 433B and you can also use the 433F. All of these forms can be found on the IRS website, www.IRS.gov. You can print them off and fill them out for yourself. What I can tell you is what they're looking for is your disposable income after you take your income from all of your sources of employment or income, other income, and your expenses. Whatever you have left they're going to want you to pay in an installment agreement unless you qualify for another type of an installment agreement. So that's something for you to consider. At the end of the day you want to look at those financial forms to help you know where your situation is going to take you.