How to Settle a Tax Debt with the IRS
While tax problems may have you feeling overwhelmed and as if there is no possible way you could ever pay your taxes to the IRS, you may be surprised to learn that there are actually several ways that you can settle that debt. The most important thing to remember is to deal with the problem head on, either by working directly with the IRS or by hiring a tax firm to work on your behalf. Do not be fooled into thinking that the IRS will not notice that you have not paid your tax debt. They will not only notice, but your situation will worsen if not dealt with directly in a timely manner.
Many people may not be aware that you can actually negotiate a tax settlement with the IRS. We have included the three most viable options for settling your tax debt:
1. Installment Agreements
It is often difficult to pay your tax debt in one lump sum payment. The IRS has several types of installment agreements that they offer individuals to allow them to pay their debt back over time (in monthly payments). The IRS is much more willing to do this than you might expect – and often the IRS will not take out a levy or lien for the debt, so your credit is not even negatively impacted. Installment agreements are a very desirable option for many individuals looking to pay off their debt over time.
2. Offers in Compromise
You may qualify for an offer in compromise if you can prove that you cannot afford to pay for the full amount of your tax debt. This type of settlement allows you to pay less than the full amount owed to the IRS, based on an analysis of what you can actually afford to pay. You must submit additional tax documents to apply for an offer in compromise and may be required to make a down payment or monthly payments on the final amount due to the IRS.
3. Hire a tax firm
Partnering with an experienced tax firm can help you determine the best course of action for resolving your tax issues. A tax professional can review your unique tax situation and give you advice about whether you would qualify for an installment agreement or an offer in compromise. A tax firm will also review all of your returns to be sure that they are correct. Often this review alone results in a reduction of the amount owed to the IRS.
Success Tax Relief can help you solve your tax problems
Success Tax Relief has been working with clients to solve tax problems for more than 30 years. We have experience working directly with the IRS, so our clients do not have to. We understand what the IRS is looking for and can help simplify the negotiation process, and help you complete all necessary paperwork to ensure that you get the outcome you are looking for.
If you are looking for a way to settle your tax debt with the IRS, give Success Tax Relief a call at (877) 958-6638 today. We will work hard to get the best possible outcome for you!