Options To Pay Those Back Taxes!
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Although you may not be aware of them, there are options available to assist you in paying your back tax debt. It is unfortunate that most people think they have no options and that the government is not willing to help them get out of tax debt. The reality is that the IRS is willing to work with the taxpayer and does have ways to make paying your back taxes easier than you think!
Just the mention of owing back taxes in a group of people will bring about dead silence. Everyone immediately feels stressed, uncomfortable and very eager to change the subject. Although paying taxes is a fact of life that is unavoidable, it is also a topic that brings with it dread and fear. The IRS is viewed as the bad guy, big and mean and unwilling to compromise in any way.
The fact of the matter is that the IRS does have options available to assist you! If you owe back taxes you can enter into an Installment Agreement. This simply means you and the IRS agree on a monthly payment amount that you can afford based upon your income. The IRS does realize that most people are not able to pay their back taxes in full and are willing to work with you!
Another option available is the Offer in Compromise. This is a bit more complex and does require extensive proof that you are not able to pay the full amount due today or in the foreseeable future. In this case a lower amount may be decided upon that you can afford. You should hire a competent tax professional to assist you with this process as it is crucial that you have all of your documentation in order prior to contacting the government.
Historically filing bankruptcy had no effect on your back taxes. The IRS was always exempt from any dischargeable debt. Those days have changed! It is now possible to discharge back taxes in both chapter 7 and chapter 13. There are very specific criteria that must be met in order to qualify for this discharge. Ask your bankruptcy attorney about this option. They can walk you through the process and help you find out if you qualify.
The mere mention of the IRS no longer has to send chills down your spine! They will work with you if you are proactive and sincere in your desire to resolve your back tax debt. Don't procrastinate, as penalties and interest continue to accrue on your overdue balances!
by: Tiffany Nelson
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