5 Tax Debt Relief Strategies
There are different ways to pay off your tax debts and hiding from the IRS is definitely not one of them. Once you get notifications and phone calls from the IRS agents, it’s time to take things seriously because the agency will not stop until you’ve settled your tax debts. If you’re in the same situation, you should know the 5 tax debt relief strategies that you can use.
Firstly, you can arrange for an installment agreement. As the word suggests, you will pay your tax debts by installment. This is applicable if the amount you owe is $10,000 or higher. The payment plan is usually divided into several months wherein the monthly payment is set at a lower amount that the taxpayer can afford to pay.
Another strategy is installment agreement but with partial payment. You will need to make a partial payment and your balance will be paid by installment. The payment plan is usually for the long term and this is ideal for those with huge debts.
Many people would prefer an offer in compromise but since the process of applying for one is stringent, it’s quite hard to have this strategy working for you. The amount you owe will be reduced based on your financial need and the balance will be paid monthly, or you can also opt for lump-sum payment. It would be best to consult a tax professional for this strategy.
If you are in deep financial need, you can file for Not Currently Collectible. The IRS will stop all calls and notifications for one year but after that, your financial standing will be evaluated and the appropriate payment plan will be determined.
Bankruptcy is the last option. You can discharge your debts by filing Chapter 7 or Chapter 13 petition. This may not be ideal but if all other strategies fail, you have no other choice.
With these five tax debt relief strategies, you can now solve your tax debts. Contact the IRS immediately, together with a tax professional. In due time, you will be able to settle your debts, and once you do, you need to be more careful in spending your income.
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