5. September 2017
Are you one of the millions of Americans who owe money to the Internal Revenue Service (IRS)? Whether you are behind because you have been overwhelmed and have not had time to get your taxes done, or you fear that you simply do not have enough money to pay, it is important to get a handle on your personal tax situation as soon as possible.
Once the IRS realizes that you have not paid your taxes, they will begin to reach out to you. First by email, then communication will get more serious the longer your taxes remain unpaid. The most serious consequences are wage garnishments, levies on your bank account and liens on your property. These consequences should be avoided at all costs as they can lead to serious financial hardship. There are several important steps you can investigate today to lower your tax debt and get back on the road to financial freedom:
How to Help Lower Your Tax Debt
- Installment Agreement: An installment agreement is a monthly payment plan that you establish with the IRS so that you can pay your debt over time, rather than in one lump sum. It’s essentially like a credit card payment and you will pay over a period of months (or years) your debt as well as interest and fees that have accrued. In some cases, individuals qualify for a partial payment installment agreement, which allows you to make monthly payments on a reduced dollar amount.
- Offer In Compromise: An offer in compromise gives you the opportunity to settle your debt for less than you actually owe. This is particularly useful when you owe the IRS more money than you can afford. An offer in compromise requires much paperwork and is not always granted, but can save you thousands of dollars if you qualify.
- Bankruptcy: There are instances in which your tax debt may be eligible to be waived under Chapter 7 or Chapter 13 of the Bankruptcy Code. Doing so requires some intricate knowledge of tax law and bankruptcy law so you may want to consult with a professional if you are considering this route.
- Seek Professional Tax Support: Getting out from under tax debt with the IRS is not easy and there is no magic way to make your back taxes go away. Working with a professional and experienced tax firm can help you determine the best possible course of action for your situation. Beware of companies promising to get rid of your tax debt, you may want to continue looking.
Reach Out Tax Relief Today for More Information
yourinsurancesearch Tax Relief has extensive experience working directly with the IRS to help thousands of Americans find their way out of tax debt. Our team understands complex tax law and can review your tax returns and income documentation while being open and honest about the strategy that has the best chance of success. Our team can help you with the detailed paperwork required should you decide to move forward with an Offer in Compromise or installment agreement request. You can make progress and get rid of your tax debt once and for all. Our team will work hard for you.