The IRS has released its 2021 Collection Financial Standards. These standards are used to determine the ability of a taxpayer to pay a delinquent tax debt. They’re effective for an IRS analysis of a person’s finances conducted on or after April 26.
There are national standards for food, clothing, personal care, household items, and healthcare. For example, a single person is allowed $400 monthly for food while a family of three is allowed $838. In addition, there are local standards for housing, utilities, and transportation based on where a taxpayer lives. To learn more and find out all the amounts, visit: https://bit.ly/3f8Dcur