When you have income tax debt and realize you are not financially able to pay off your debt, you will need to research options that are available. You will need get out of this income tax debt by opting for one of the tax debt settlement options that is approved by the IRS. You will need to start by identifying the tax debt help option that will work best for your situation.
What can you do to get IRS tax debt relief?
In order to get tax debt relief, there are few steps or measures you can take assure that you get financial relief. Below are a few options, read on to know more about your options.
You can request from the IRS to approve a payment plan through which you can pay off your IRS tax debts in a comfortable manner. Due to financial hardship you have not been able to pay off your IRS tax debts, so the payment plan should be such that will not strain your already strained financial situation.
You can also opt for or negotiate a penalty abatement plan. In this tax debt help option, you will be able to pay off your back taxes but you can request the IRS to excuse the penalty charges that you are also expected to pay for late payment of taxes. Penalty abatement is a good option only if you are ready to pay 75% of the back taxes you owe. In the event you do not do so, your request may be turned down by the IRS.
You can also request for an Offer in Compromise option from the IRS so that you are allowed to get IRS tax debt relief. In this type of tax relief program, you are allowed to pay less than what you are actually supposed to pay. This option requires that your request has to be accepted by the Internal Revenue Service.
You can opt for Currently Not Collectible. This is a type of tax debt relief option in which you can request the IRS not to collect your back taxes for a certain period of time.
Alternatively, you can wait for the statute of limitations to expire. To the IRS it is desirable that you stay in good standing and paid up to the IRS what you are expected to.
Most importantly, oftentimes, it is seen that when you pay your taxes well within the stipulated time period, you may as well be entitled to some tax refund if you are found to qualify for the same. It is generally seen that if the amount you owe as taxes is quite high (for example, more than the USD$10,000), it is a wise move to seek professional help. Remember, as long as you are not paying up, along with the main tax amount, you will also pay tax penalties, fees, and interest, which is also getting added to the main amount, which definitely is not desirable.
Sean benton is an expert writer on IRS tax debt relief. He writes many articles on how to settle tax debt for http://www.newlifetaxrelief.com/.
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