Need advice on IRS payment plans for 2023 tax balance due - what to expect?

I found a way to solve IRS payment plan setup issues, watch this: https://www.youtube.com/watch?v=4KOfa9xCe7E

I've been there before, it's not as scary as it seems! The IRS actually has some decent options for payment plans. When I called, they were surprisingly helpful. Just be honest about your financial situation and they'll work with you.

Pro tip: if you owe less than $50,000, you can set up a payment plan online without even calling! Just go to the IRS website and look for their online payment agreement tool. Super easy and no awkward convos required 👍

ugh im in the same boat. taxes are the WORST. why do they gotta be so complicated?? 😫

Here's what you need to know about IRS payment plans: 1. Short-term payment plan (180 days or less): - No setup fee - Can pay by check, money order, credit card, or direct debit 2. Long-term payment plan (more than 180 days): - Setup fee varies ($31-$225 depending on method) - Lower fee if you agree to direct debit 3. Offer in Compromise: - If you can't pay the full amount, you might qualify to settle for less - Complex process, might want to consult a tax pro Remember, interest and penalties continue to accrue until you pay in full. The sooner you set something up, the better! Hope this helps, OP! Let me know if you have any other questions.

Whatever you do, DON'T ignore it. I made that mistake and the penalties just kept piling up. Ended up owing wayyy more than I started with. 😭

Has anyone tried negotiating their balance down? I've heard rumors that sometimes they'll settle for less if you can prove financial hardship.

lol imagine owing money to the irs. couldn't be me 💅

Just a heads up, if you owe more than $54,000, they can revoke your passport. Found that out the hard way when I tried to go on vacation last year. 🤦‍♂️

Pro tip: if you're self-employed, start paying quarterly estimated taxes. Saves you from this whole mess next year. Learned that one the hard way 😅