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Video instructions and help with filling out and completing Which Form 4797 Installment

Instructions and Help about Which Form 4797 Installment

Hey there are three types of installment agreement so you can make with the IRS what is an installment agreement well an installment agreement is simply a payment plan if you cannot afford to pay your full balance or your full liability with the IRS in certain circumstances they will let you break that up into payments and they call that an installment agreement an installment agreement is actually a term of art it's a fancy lawyer phrase or IRS phrase in this case that means a payment plan and there's three types i'm going to go over those three briefly here the type that most people want to hear about right now is what's called the it's under the fresh start initiative it's actually called a streamlined installment agreement if you owe $50,000 or less to the IRS under most circumstances and you can full pay that obligation within 72 months the IRS is going to go ahead and break that up into small enough payments so that you can get that thing paid off in six years the second type of installment agreement is what I call a classic installment agreement and it goes like this with you owe more than fifty thousand dollars or if you've defaulted on installment agreements in the past you're pretty much stuck with what I call the classic installment agreement the IRS looks at your financial situation using either a form for 33 f or a form for 33 a and a 433 be if you have a business or if you're self-employed and they determine using their allowable expense standards how much you can afford to pay on your installment agreement payment and it usually doesn't turn out particularly well and that's because their allowable expense categories are absolutely ridiculous so...