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What Options do I have if I’m in Debt with the IRS?

What Options do I have if I’m in Debt with the IRS?

By on Oct 2, 2013 in Tax Problems | 0 comments

What Options do I have if IIf you owe taxes this year to the IRS or if you are carrying debt and penalties or back taxes, you have options.  The most important thing that you can do is work toward making a plan.  Ignoring the problem will NOT help you solve the problems you face with the IRS.  In fact, waiting, doing nothing, or hoping that your tax debt will disappear will only compound the problem and could lead to many additional problems including a wage garnishment and/or a levy on your property.

Coming up with a plan can be as simple as making contact with a reputable tax firm that can review your returns, all current communication with the IRS and talk to you (often for free) about potential solutions to your problem.  Some advisors will suggest that you investigate whether you could refinance your home and use funds to pay the IRS, or whether you could put some of your tax debt on a credit card.  While these are certainly viable options, the experienced and knowledgeable professionals at Success Tax Relief may have other potential solutions:

Options For Tax Relief

1.  Have all of your returns for the last several years (including the years in question) been reviewed by our tax specialists.  In many cases, we find errors in the amounts that the IRS indicates that you owe them.  If you happen to owe less than you think, it may become a more manageable amount for you to pay.

2.  Installment Agreements:  Success Tax Relief has had much success working with the IRS to negotiate installment agreements with our customers.  This works like a monthly credit card payment.  Instead of paying your tax debt in one lump sum, you can spread your payment out over several months and tackle your payment in smaller doses.

3.  Offer in Compromise:  If you can prove that you do not have the means to pay the full amount due to the IRS, it is possible to enter into an Offer in Compromise.  This allows you to pay a portion of the debt that you owe to the IRS.  The IRS would rather receive some part of your payment than no payment at all, so this is a very viable option for some of our customers.

4. Request more time:  You generally have the option of requesting a little more time (30-60 days) to pay your tax debt.  This can give you the time that you need to come up with the money owed.

Success Tax Relief can help you…

The tax specialists at Success Tax Relief are standing by, available to provide you with a free consultation right now.  You can pick up the phone and call 1-877-958-6638 and one of our customer service representatives will answer and can help you develop the best possible plan for solving your difficult tax issues and getting out from under the debt to the IRS.  We can take over all communication with the IRS on your behalf and help you complete all of the necessary paperwork you will need.  All you have to do is give us a call!

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