A Taxpayer’s Guide to Settling an IRS Debt
The Internal Revenue Service (IRS) isn’t nearly as abrasive as tax debt collectors, but their response to negligence is swift. Because they are working for the government, they have the right to take the type of action that tax collectors don’t have the authority to do. So, while the IRS won’t harass you on a daily basis, they have the law behind them to bring the hammer of justice down in a way that can change your financial situation—and not for the better!
The Law is In Your Hands!
One way or another, the IRS will collect their debt. It’s up to you to determine how. It can be the relatively easy way, where you pretty much control how much you can pay, or do it the hard way, where the IRS determines how much you’re going to pay regardless of other financial responsibilities that you may have.
It’s safe to say that every person who is in debt with the IRS prefers to do it the easy way—if there’s even such a thing, really. At any rate, the experts at Success Tax Relief have taken it upon ourselves to create a quick go-to guide for taxpayers who are currently in debt with the IRS.
Don’t Try to File for Bankruptcy
Many people think that if they file for bankruptcy, this will exonerate their tax debt. What you need to know right now is that bankruptcy may wipe your existing debt away and put a major blow to your credit score, but it will not take away your tax debts. This is contingent to which chapter of bankruptcy you file under. It is recommended to consult a professional tax relief consultant to determine if this is even an option for you to consider.
Pay Down the Balance Based on What You Can Afford
The IRS knows how much your take-home pay is. They fully understand if you’re not able to pay your tax debt in full. Yet, because they know how much you make and what your annual expenses are based on your annual filing, they know that you can afford to pay something. Paying something is better than paying nothing! Even if it doesn’t feel like you’re making a dent in the overall balance, you’re doing enough to keep the IRS off your back and, whether you see it or not, reducing your balance.
One thing is certain, if you don’t pay anything, the debt will not go away and the IRS will have to take extreme methods in collecting their money such as wage garnishment or levying your property.
Don’t Let it Get To That!
This quick guide isn’t complicated. Simply try to pay what you can afford and don’t try to take any shortcuts!
If you have questions about how to settle your tax debt, call the professionals at Success Tax Relief today! We offer free first-time consultations!
Contact us online or call 877-825-1179.