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Getting Help With State and Federal Tax Debt

Getting Help With State and Federal Tax Debt

By on May 17, 2018 in Debt Relief, IRS Debt Forgiveness Program, Tax Debt | 0 comments

Getting Help With State and Federal Tax DebtMore than 18 million Americans owe money to the IRS.  If you owe federal or state tax debt, making a plan for paying off this debt as soon as possible is extremely important.  There are many reasons taxpayers have trouble paying their tax debt and fall behind.  Some of the most common reasons include being too busy to complete the paperwork, experiencing a major life event that prevents them from filing, or simply not having the resources to pay the debt. No matter the reason is for getting behind, there are many resources to help you get back on track.

 

The Internal Revenue Service (IRS) offers several programs that you may be able to take advantage of that can help you take control of your outstanding tax debt once and for all.

 

  1. Installment agreement:  An installment agreement allows you to pay your tax debt off over time, rather than all at once. Think of an installment agreement like a credit card. You make a monthly payment to the IRS or the state each month. This payment includes your tax debt plus and penalties and interest and you can generally have up to 5 years to pay down your debt.
  2. Offer in Compromise: If you have a financial hardship that makes you unable to pay your tax debt in full, you may qualify for an Offer in Compromise. This program allows you to settle your tax debt for less than you owe. You have to prove to the IRS that you are actually unable to pay, so be prepared to show detailed financial documentation.
  3. Not currently collectible status:  Another option that the IRS offers is where the IRS actually agrees not to collect your tax debt for a period of time (usually 1 year).  Getting the status “not currently collectible” means that according to the IRS, you have no ability to pay your taxes. This classification will stop a levy, lien or termination or denial of an installment agreement.

 

Put Your Tax Debt Behind You

 

As you decide what path to pursue, you should be aware that if you continue to let your federal and/or state tax debt add up, you will have to pay much more than you actually owe. Interest and penalties add up fast and compound the problem. Getting connected with a tax firm that can help you decide which program you might qualify for can be a big step forward. Success Tax Relief specializes in helping taxpayers just like you find a way out of tax debt. Our trained and experienced tax professionals can review your tax and income information, then make a recommendation about the best way to handle your unique situation.

The Success Tax Relief team can also help you file all necessary paperwork for an installment agreement, Offer in Compromise or a not currently collectible status so that you have the best chance of being successful. For more information or to speak with a member of our staff who can help you take the first step toward getting your tax debt behind you, call us at 877-825-1179. Contact us online for a free consultation.

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