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How to Find Out if You Can Lower Your IRS Tax Debt

How to Find Out if You Can Lower Your IRS Tax Debt

By on Oct 18, 2017 in Debt Relief, IRS | 0 comments

 

There’s a couple of ways that you can find out if you can lower the debt you owe to the Internal Revenue Service (IRS).

  1. Call the IRS and ask them if they can reduce your balance.
  2. Have a professional tax relief consultant do it for you.

Decisions, Decisions! Dealing with IRS Tax Debt

The first option might seem a little ridiculous. However, you’d be surprised at what kind of results you can get by simply picking up the phone and giving the IRS a call. Many people like the notion of communicating with the IRS to visiting the principle’s office. Talking to an IRS representative doesn’t always mean that you’re in trouble either.

If it makes you feel better, every United States taxpayer has an account with the IRS. Every now and then, the IRS will need to clarify a few things with some accounts—more than others. It’s just the nature of checks and balances on a national scale. Some people will end up owing the IRS a little more money some years depending on how much money they earned the previous year. It isn’t uncommon that taxpayers aren’t financially able to pay the full balance. That’s why the IRS has implemented the Fresh Start Initiative, a monthly payment plan that makes it less strenuous on a taxpayer’s bank account.

The Fresh Start Initiative

For taxpayers who find that they own a significant amount of tax dollars to the IRS, the Fresh Start Initiative is designed specifically for these kinds of situations.

Through the Fresh Start Initiative, taxpayers in distress can work out a way to pay their tax debt through the following options:

  • Installment Agreements
  • Offer in Compromise

The installment agreement is fixed so that you’re able to pay a certain amount to the IRS on a monthly basis within a certain time frame. This solution doesn’t lower the overall debt, but it does make it possible to pay. In most cases, this is the perfect solution. However, if the amount you owe doesn’t fit into the stipulations of an installment agreement, then filing for an Offer in Compromise might be the next viable option.

 

Filing for an Offer in Compromise

The Offer in Compromise is a solution that can actually reduce the amount you owe to the IRS for less than half. In order to qualify, you’ll need to apply and stay on top of the proper steps required to file the paperwork. Not everyone has the time or patience to do that.

This is where the second choice comes into play.

Hiring A Professional Tax Relief Consultant

Hiring a professional tax relief consultant to assist you in filing for an Offer in Compromise will save you hundreds of dollars and hours! With Success Tax Relief, your application will be completed in a timely and efficient manner. Our caseworkers will perpetually follow up with the IRS to ensure that your application is swiftly processed so that you can get a response within the quickest time frame possible.

Whether you choose to go with option 1 or option 2, contact the professionals at Success Tax Relief at 877-825-1179 or ask us a question online today!

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