If you have an IRS installment agreement, it`s important to keep track of your payments and the outstanding balance of your debt. Luckily, checking the balance of your IRS installment agreement is a fairly simple process that can be done in a few different ways.
Here are the steps for checking the balance of your IRS installment agreement:
1. Check your IRS statement or payment coupon: If you receive a monthly statement or payment coupon from the IRS, it should include your current balance and the amount of your next payment. Make sure to review these documents carefully to ensure that your account is up to date.
2. Log in to the IRS website: You can also check your IRS balance online by creating an account on the IRS website. Once you`ve created an account, you can log in and view your payment history, including your current balance and any outstanding payments.
3. Call the IRS: If you don`t have access to your statement or the IRS website, you can also call the IRS to check your balance. Be prepared to provide your Social Security number and other personal information to verify your identity.
4. Consult with a tax professional: If you`re having trouble keeping track of your IRS installment agreement or need help understanding your balance, it may be helpful to consult with a tax professional. They can provide guidance on how to structure your payments and ensure that you`re on track to pay off your debt.
When checking the balance of your IRS installment agreement, it`s important to remember that interest and penalties may continue to accrue on your debt. As a result, it`s essential to make your payments on time and in full to minimize the amount of interest and penalties that you owe.
By staying on top of your IRS installment agreement balance and payments, you can ensure that you`re making progress toward paying off your debt and avoiding further penalties or legal action.