Can’t Pay Your Taxes? 3 Ways to Get Your Debt Settled
Depending on how much money you owe in taxes, certain measures will have to be taken. Not all of these solutions are recommended for everyone. It’s not only about how much you owe, but also how much your annual net income is. You still need to be able to afford to live while paying off your debt.
You Have the Power to Decide!
Believe it or not, deciding how much you can pay the Internal Revenue Service (IRS) is entirely up to you. No matter what the full balance is, as long as you’re acknowledging your debt by communicating to the IRS that you have every intention of paying the balance off, you actually have the power to negotiate what you can afford to pay on your own terms. The problem actually comes along when you don’t do these things. Then the IRS has no other choice but to assume that you don’t have any intentions of paying your tax debt.
If you’re not sure how to go about settling your tax debt, Success Tax Relief, a tax relief firm based in LaPorte, Texas, has decades of experience settling taxpayers’ debt and sometimes even eliminating it altogether.
How a Professional Can Help
It’s quite possible to negotiate an affordable payment plan on your own, but honestly, you can get it done much quicker when you hire a professional to handle your tax-related business, especially if a firm that has a team of professionals with tax-related backgrounds like CPAs, lawyers, tax preparers, and accountants.
Success Tax Relief has the time that you may not have to sit on hold with the IRS and try to negotiate a monthly payment plan.
How You Can Pay Off Your Tax Debt
It’s not just about finding the time to communicate with the IRS. You’ll actually need to find the means to take care of paying your tax debt. Here’s a list of solutions you might want to try to pay your taxes:
- Extend Your Deadline – If your tax debt doesn’t have a huge balance and you know that you’re expecting a sum of money that can cover the amount, and then simply convey this to the IRS. Let them know that you acknowledge your tax debt responsibility, have every intention to pay it, and that you just need for them to extend the deadline. The IRS shouldn’t have a problem with this if you’re promising to pay the debt in full.
- Get Another Job – Being able to pay your tax debt may mean picking up another job to increase your income. The extra money that you make from your second job can be used toward reducing that tax debt!
- Apply for an Offer in Compromise – This is an option that not every taxpayer who is in debt is eligible for, but if so, you’ll be able to get pay off your entire tax debt for less than what you owe. This is somewhat similar to extending your deadline, but with an Offer in Compromise, the tax debt balance is usually quite substantial with strict terms.
If all of this seems too overwhelming, then hire a team of professionals to take care of this responsibility for you. Call Success Tax Relief for a free consultation at 877-825-1179. You can even use our online contact form to ask us a question and we’ll get to you as soon as possible.