Comments on: It’s Official, Our Debt Load Has Increased by $1,600

By: Kay

Kay — Mon, 06 Aug 2007 17:46:09 +0000

Thanks for sharing. I included your post in today’s (Aug. 6) Carnival of Taxes at http://dontmesswithtaxes.typepad.com/dont_mess_with_taxes/2007/08/tax-carnival-21.html

By: sybursu

sybursu — Thu, 26 Jul 2007 15:07:58 +0000

I’ve been paying the IRS in installment plans for years. You can set everything up over the telephone and it is automated. I’m paying $200 a month, but usually I double that. I really don’t like the IRS withdrawing from the bank account. I send the check every month on the day it is due. As long as it is postmarked on the actual day due you are fine. As long as you debt is under $10,000 you can set up your own payment. I’ve sent it to many different addresses and still get credit even it is the incorrect one AS LONG AS THE POSTMARK IS ON THE DUE DAY.

By: NCN

NCN — Thu, 26 Jul 2007 01:38:32 +0000

Bummer… but glad to see that you’re not giving up your quest for debt-freedom!

One quick thing… Have you considered putting the entire balance you owe them on a credit card or taking out a loan from a local bank or credit union? Personally, I’d rather owe citibank or bank of america instead of Uncle Sam…
NCN

By: Dedicated

Dedicated — Wed, 25 Jul 2007 20:18:40 +0000

Hi Tricia, I say – do nothing. Which is odd for me, I am a true believer in paying the government first. The only problem with this, at this point is, if they have already begun moving your paperwork for AWD’s and you send in the payment – you are going to be hit 2 times. Remember, no 2 people in the IRS talk or share information. Your only option at this time is to wait.

Of course, you could call the number provided on the notice, sit on hold for a few hours – hopefully your home phone has a speaker phone (no crink in the neck) and ask them to check and verify that your payment plan has been accepted or is being processed.

Don’t do anything till you know – let me tell you about headaches if they get your payment and have AWD’s going. It will take you months to get your money back.

By: nate

nate — Wed, 25 Jul 2007 19:24:08 +0000

Oh I feel your pain I just got a letter in the mail from the IRS saying I owe ($198) while nothing compared to the handsome sum they said you owe its still stinks because I was doing so good this month on staying ahead of bills……

By: Tricia

Tricia — Wed, 25 Jul 2007 17:58:34 +0000

The payment plan is supposed to automatically withdraw the funds every month on the day that I designated. I submitted all the paperwork, now it’s a matter of waiting for when they start taking the funds.

I might send something to them shortly depending on our cash flow. I have an official remit form with the noticed I received. I feel better having something like that to include with my payment so it is properly applied to that debt. I really didn’t want to pay anything until I had something to send back with the payment.

By: Chris

Chris — Wed, 25 Jul 2007 17:36:30 +0000

Start paying it, you don’t need their payment plan yet. Calculate a reasonable time frame for paying it off and start putting the money aside. When you get their payment plan, if you are paying too little up the payment, if you are paying too much just keep paying what you already are, and of course make a big first payment since you’ll have some already set aside.