The Irs Now Helps You Pay Back Taxes

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Believe it or not, the IRS is willing to compromise with taxpayers in order to assist with paying back taxes. Most people procrastinate and try to pretend they don't owe back taxes until collection activities begin. This is usually due to fear and intimidation, a lack of understanding how the IRS works. If you owe back taxes, this article could be the answer you have been waiting for!

There are options that you may not be aware of! Have you heard that they changed the bankruptcy laws? It is now possible to have your back tax balance discharged in both chapters 7 and chapter 13 cases. Of course there are rules and criteria that must be met in order to qualify but if you do qualify this could be a life saver for many! Talk to your bankruptcy attorney to find out if you meet the qualifications.

If bankruptcy is not an option for you, there is also the possibility of entering into an Installment Agreement with the IRS. A monthly payment is determined based upon your income. This could make paying your back taxes much easier on you!

Additionally there is the Offer in Compromise option. This option is based on proof that you are unable to pay the back tax debt today or in the foreseeable future. Once proven, you can then make an offer to pay a smaller balance that you can afford. You really should hire a tax professional to act on your behalf if you want to pursue this option as it is complex.

The IRS does want to work with the taxpayer to assist with paying their back taxes. It no longer has to be an overwhelming and fearful experience. The most important thing to keep in mind is that penalties and interest continue to increase your balance until it is paid off. Therefore it is urgent that you take the steps today to contact the IRS and take advantage of one of their many options to get your debt paid off. Your balance could easily double or even triple if you don't act swiftly!

Take the initiative to hire a qualified tax professional to work with you and communicate with the IRS on your behalf. They know the ins and outs of the laws and the various options that could be perfect for your situation. They know what paperwork must be completed and can greatly increase your chances of a successful compromise with the IRS.

by: Tiffany Nelson

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