When Interest Rates Decrease, Avoid Paying IRS Interest
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How would a decrease in the federal interest rate affect you if you’re dealing with tax problems?
We all saw the effect when interest rates increased. It made our mortgage rates increase. Mortgage payment amounts also increased. The same thing with auto financing, and credit card rates. The cost of small business financing became unreachable.
When they decrease, that makes it obviously more affordable to borrow money. This is why it matters when you’re dealing with the IRS.
Not Everyone Qualifies for an IRS Payment Agreement
For some people, having a settlement or payment agreement with the IRS may be inconvenient, undesirable, or even unreachable.
-You may have too much disposable monthly income.
-You may wish for a lower payment than was negotiated.
-You need to wish for longer to pay, or some flexibility in payment.
-The equity in your home or assets may disqualify you from a settlement.
-You may wish to avoid a lien or avoid some other negative transaction.
Here is the Point
Avoid Paying IRS Interest, IRS Tax Attorney (Naperville IL)
The IRS’s interest rate for liability is 8% for 2024. The rate is set annually, but not suddenly. If national interest rates go down, then the cost of borrowing money to pay the IRS could save money. To simply pay off the IRS liability, you avoid paying IRS interest.
Instead, you pay a much more affordable interest rate to your bank or lender. If you can borrow at 4% to 6%, it just makes more sense. Note: Watch out for borrowing costs!
Do the math. Borrowing just might make sense for you.
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