How can I pay off IRS?,if they keep charging interest fee?

Question

I have an installment agreement with IRS to pay off the $3000 that I owed them but they charge $500 interest fee.So how the h**l can I pay them off with only $150 a month?.I don't even make that much money.Why is the interest fee so high?.Why are they doing this to me?.IRS is ripping me off.They're a bunch of heartless greedy b*****d.They want me to keep paying them for life.

Answer 1

your best option is to consult an irs debt lawyer. they can stop the interest and set up a feesable payment plan that you can afford easier than trying to go it alone.

Answer 2

There's absolutely NO way you're being charged $500 a month on a $3000 liability. As I noted in a response to your other post, you'd have to owe $100,000 to accrue that kind of interest. Interest is currently at 5% and there is a penalty rate of either 1/4 or 1/2 of 1 percent per month. So you not paying more than about 10-12% total.  Compare that to a typical credit card interest rate, or worse yet, a payday loan company, and then ask who the heartless greedy b******s are. It ain't the federal government, pal.

At $150/month, this will be paid off in less than 2 years. If you can't afford that, you can probably lower the payment amount with a simple phone call, although the age of your debt might be a factor.  If a financial statement shows your expenses exceed your income, you can have the debt deferred as explained by Dave in the other post. Don't waste your money on a tax professional, either. This can  easily be done for free with that simple phone call (although expect to wait a bit to get through).

Answer 3

http://www.clearleadinc.com/site/tax-deb...

Here is an article with information you may find helpful.

Answer 4

IRS charges interest at a rate set by congress.  It is currently 5%. Try to beat that at your bank!  Even with late payment penalty added at 1/4% per month, you will have the bill paid off in less than two years.

Answer 5

First... if you paid what you owed - when it was due... they wouldn't have to be HEARTLESS b******s.

Second...

Have your CPA - ask for a waiving of PENALTIES and INTEREST.

Many times... if you have a good/human reason - for why you didn't know about or pay the money - often time they CAN and WILL waive the fees.

(They did it for me... when I was given bad information... by one of my investments)

Now... if You TRIED to get away something... and they CAUGHT YOU... then - those GREEDY b******s will likely NOT waive anything, except their finger at you.

Answer 6

The IRS is an oppressive organization. Don't let them get at you. Yes, they are cruel, blood sucking b******s who don't give a d**n about you or your abilities to pay.

The solution is to prosper. Make more money and to h**l with the IRS. You may have to pay them anyways... but to h**l with them.

Answer 7

try looking into a debt counseling service, they know the ins and outs of tax law so they should beable to help you, and the IRS goes all crazy on ppl cause right now there "power" has few checks and balances

Answer 8

Well you are sure fast to blame someone else for your mistake.  Since you owe IRS have you changed your withholding at your Job.  

You can't afford to pay $150.00, then you need to take a look at your finances and see where you are overspending and how to correct the problem.

IRS is not ripping you off, you tried to rip off the IRS and it back fired.  Sorry bud! we all pay our share of taxes quit being a greedy b*****d and fix your problem.

Answer 9

Okay, let's get real.  You made your choices and decisions and lived your life the way you wanted.  The IRS did not cause you to owe back taxes.  You did.  Sure it sucks, but that is like blaming a surgeon when he cannot reattach your arm after you cut it off yourself.

You could get a part time job and spend every dime from that job to repay along with what you already send.  You could sell your computer, have a garage sale, eat beans and rice and pb and j for a month or two.

If you want to pay something off, you find a way.  All the energy you spend venting about it could be spent coming up with the money.

Answer 10

Uh, something is seriously wrong here - interest on $3000 is nowhere near $500 a month.