Back Taxes Overdue? You Have Options
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Do you have a tax debt that is overdue? Perhaps you have returns that you filed in previous years but have not yet paid the resulting taxes associated with them? You are certainly not alone! With the decline in the economic situation and the increase in unemployment many Americans are struggling just to survive. Paying past tax bills can seem almost impossible when you are worried about paying the rent or putting food on the table.
Those tax bills don't vanish, you may not have them on your priority list, but you know they are weighing on your mind daily. Many people put back taxes on the bottom of their list of bills because living day to day takes priority. Unfortunately penalties and interest continue to add to your tax balances and can quickly double or even triple your debt in a short time.
The IRS does want to work with you to make it easier. They have options that you probably don't even know about! You can set up an Installment Agreement, an Offer of Compromise and they have even changed the laws so that your back taxes can be discharged in chapter 7 and chapter 13 bankruptcy cases.
An Installment Agreement is a plan set up between you and the IRS to pay a monthly amount each month. This is based upon your income and will make paying your back taxes much easier on your budget.
The Offer of Compromise involves proving that you are currently and will remain unable to pay the balance owed. You then come up with a lower mutually agreed upon total. This is complicated and requires that all financial documentation be accurate. You should hire a tax professional to assist you with the process in order to ensure its success.
You can now have your back taxes including in the debt that is discharged during bankruptcy as well. There are very strict requirements and criteria that must be met in order to qualify for this discharge. You should talk to your bankruptcy attorney about your options and to ensure that you qualify.
There may be other options available to you as well depending upon your unique situation. It is important that you contact the IRS and begin the process of working out a settlement or a plan of some sort. Procrastination is your worst enemy! Hire a tax professional to represent you and assist you in dealing with the IRS. You need to take the steps today to avoid having your balance continue to grow!
by: Tiffany Nelson
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