The IRS has a popular program called the Fresh Start Initiative that allows taxpayers who owe back taxes to pay taxes over time.
2. The IRS Fresh Start Initiative
To qualify for this program, you must:
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- File all required tax returns
- Make all required estimated tax payments for the current year
- Have a balance due of less than $50,000
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The IRS Fresh Start Can Mean A NEW Start For You
If you meet these requirements, you can enter into an installment agreement with the IRS and pay your back taxes over time. The Fresh Start Initiative is one of the most popular programs the IRS offers and can be an excellent option for taxpayers struggling to pay their taxes.
3. Hardship Extension
Another option for taxpayers who owe back taxes is to request a hardship extension. This extension allows you to pay your taxes over a more extended period, typically three to five years. To qualify for this extension, you must prove that paying your taxes in full would create a financial hardship.
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Proving your financial situation to be critical is vital in being approved for the hardship extension.
For the IRS, a hardship is more than not having the finances for dining out and new clothing; financial hardship should show that a taxpayer has difficulty paying for necessary and reasonable living expenses. Taxpayers do not need to show that they are currently experiencing financial difficulty. Even showing the mere possibility of hardship can be enough for the taxpayer to get approval for the IRS hardship program.
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