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Video instructions and help with filling out and completing Form 2220 Installments

Instructions and Help about Form 2220 Installments

Music can I make installment payments on my tax bill that's the question we're gonna answer here today my name is Darren tee measures they call me the IRS solution attorney and the answer like so many of these is it really depends if you owe you know eight thousand dollars most certainly you can enter into what's called an installment agreement with the IRS basically the rule is here we're gonna divide the eight thousand dollars by 72 and whatever that number equals plus a little bit for penalties in interest you know ten fifteen twenty-five bucks then that's going to be the amount of your installment payment now if you owe more than fifty thousand dollars it gets more complicated because if you owe more than fifty thousand dollars you're not entitled to what's called a streamlined installment agreement and you have to do what I call complex installment agreement it's complex because the IRS is going to determine what their opinion of your reasonable or your monthly disposable income is and then they're gonna ask you demand that really that you pay that on a monthly basis so your monthly disposable income is the difference between your gross income minus your business expenses if that applies and then minus your allowable expenses and that equals the amount of your monthly disposable income and there's really no way without looking at your particular financial situation to determine what your monthly disposable income is because there's so many facts and circumstances that vary now if you make $300,000 and you owe you know 75 thousand dollars then the IRS is going to you know they're going to demand that you pay your monthly disposable income well how much is your monthly disposable income in that situation it depends it...

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