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More people unemployed, more people with lower wages, and more people going bankrupt. What does this result in? Well, many things, but one of the biggest results of those factors is more people struggling to pay taxes. Furthermore, people with ridiculously pricey taxes are going to have even more trouble. So, what are these people going to do? I shouldn’t say these people actually, because my situation isn’t much greater than anybody else’s. There are ways to overcome a ridiculously high tax bill, which I will further discuss below.

Plead

From what I often hear first hand, many people try to deal with their taxes by “running away” from the IRS (or hiding, you get the point). Not a good idea. In the end, you’re going to have to pay even more due to penalties. Your best bet is to contact the IRS. Their number should be available on their website. Talk to them and truthfully state your situation. Attempt to make a payment plan with them. They may consider giving an extension, getting rid of penalties that would come due to your lay payment, and other things that would be a pain.

Put A Down Payment

At tax time, many people find that they do not have enough money at the moment to pay it all. Simply put a down payment. Send as much as you can. Once the IRS receives it, and notice you are short, they will send you a paper/bill stating how much you still must pay (they usually send this about a month and a half later). In that month and a half, you may be able to get that money needed to pay off the bill completely. Be careful not to take too long though, as I believe there is a 5% interest rate.

Monthly Payment Plan

If the above option does not work for you and you need more time to pay off the bill (months or years) you can apply for an installment agreement. This will let you pay monthly (as you would for a car), till your bill is paid off completely. There are to types of installment plans. Firstly, there is a guaranteed installment plan, and non-guaranteed installment plan. In order to be eligible for a guaranteed installment plan, your bill has to be below $10,000. You must have also, for the last 5 years, paid all taxes on time, paid income taxes completely, and have not joined an installment agreement. The generally time given to pay off the bill completely is 3 years. If you do not meet these requirements, you can apply for a guaranteed installment plan. You will then be given a monthly payment plan, and will usually have up to 5 years to pay it completely.

Compromise

This may be the best bet for many people in this day and time. The IRS may agree to lower your bill. Although, they will only do this if you can prove that you are not capable of paying the bill completely. Before agreeing to this, the IRS will look at everything in your possession (cars, house, bank accounts balances).