Back Tax Debt Relief Under the New Tax Law
While specifics about the new tax laws are being reviewed and analyzed, you may be wondering how this will impact the back taxes that you already owe the Internal Revenue Service (IRS). The tax bill that was signed into law in December of 2017 will impact all of us over the course of the next several months to a year. You may have heard that the tax law benefits the wealthy and/or corporations. The fact is that you can also expect to see your monthly income rise a bit, as the government will take out less each month for taxes, which will be disproportionately low for lower income families. The new tax bill will impact how you file your taxes in the coming years, but if you already owe back taxes to the government, you can consider one of the following options to resolve your debt and move forward once and for all.
How to Settle Tax Debt
- Consider alternative payment options: Interest and penalties add daily to your tax debt, so you may want to consider alternative ways to pay off debt if possible. Look into no interest credit card options, low-interest loans from your local bank or even a family member or friend to help pay off your tax debt. Bankruptcy is another option for individuals that have exhausted other options.
- Government programs: The Fresh Start Initiative was designed and implemented specifically to help those with back tax debt. If you are not able to pay off your debt in one lump sum, you can request what is known as an installment agreement that allows you to pay your debt over time. So, instead of paying the full amount you owe now, you can make monthly payments over the course of 3-5 years. Additionally, if you are under significant financial hardship, you may qualify for an Offer in Compromise (OIC), an agreement that settles your debt for less than you owe.
- Tax Support: If you owe back taxes to the IRS, your tax situation is likely complicated and perhaps even overwhelming. A reputable tax firm can help review your current tax situation and help you decide the best path forward, given your past returns and the new tax law. A tax firm can provide assistance as you determine whether a federal tax relief program might work for your unique situation and help with the application process, so that you have the best possible chance of being approved.
Settle Your Back Taxes Now
Success Tax Relief specializes in helping individuals that owe back taxes to the IRS find the best path forward. Our team of tax professionals has the experience and knowledge needed to help you pay off your back taxes and file your new returns given the new tax law. Our team understands that communicating with the IRS is stressful and that worrying about back taxes can be incredibly overwhelming. We can help you find relief with one simple phone call 877-825-1179. You are not alone…let our team help! You can even contact us online to schedule a free consultation.