Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about IRS Payment Plans and other Tax Relief topics.
Many times when you attempt to enter into an IRS payment plan, it is recommended that you have certain information available with you. The more information you have available, the quicker the application process will be.
Income. Have available any W-2, wage statements, or income statements from your business.
Assets. Have a listing of all your assets. Schedules, financial statements, receipts, and cancelled checks will do fine.
Expenses. Monthly living expenses will be needed to give the IRS an idea about how much is needed in the repayment calculation figure. Be certain you know the total of your monthly living expenses. This is the figure that you need to live, without any extravagance. Rent, mortgage payments, utilities, and similar expenses are considered part of the monthly living expenses.