Back Taxes Overwhelming You?

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Owing the IRS can weigh heavily on your daily life. The interest and penalties alone can add up to enormous amounts and continue to increase your balance until the debt is paid in full. You no longer have to carry this burden; there are ways to get control over your IRS debts.

Most people that owe back taxes are unable to pay the balances in full. The economic hard times are only serving to increase the numbers of people that owe the IRS. The numbers of Americans in tax debt are increasing substantially every year!

You do have options! There are programs designed to assist those tax payers that are unable to pay their tax balances in full.

The first option is an Installment Agreement. This is basically a monthly payment plan agreed to by the IRS and the taxpayer. The amount is based upon your income and you do have to verify your financial status in full before being considered for this option. You also need to be current on all of your tax returns. Simply put, you must have all of your tax returns filed for all previous years and be able to prove that you cannot afford to pay the balance in full, but can afford a monthly payment.

Another option available is the Offer in Compromise (OIC). This option requires that you prove to the IRS that your financial situation makes it impossible to pay the full balance. You will need to provide detailed financial records and proof. The idea here is to lower the balance you owe. You will need to determine and prove that you can pay a lesser amount. You should enlist the assistance of a tax professional to assist you with the documentation required by the IRS. If your offer is accepted by the IRS it could save you literally thousands upon thousands of dollars in tax debt as well as interest and penalties.

The most important thing to remember is that you need to do something! Waiting and procrastinating will only increase your debt! Contact a tax professional and go over your options! The government has numerous options available to help Americans get out from under the tremendous burden of back taxes. It is up to you to take advantage of these options. Interest and penalties continue to add to your debt each day that you wait to contact the IRS. Take the steps needed today in order to avoid financial disaster tomorrow!

by: Tiffany Nelson

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