subject: Tax Debt Relief: How To Pay It And Get The Relief [print this page] Tax Debt Relief: How To Pay It And Get The Relief
There are many reasons why people are not able to pay their taxes, and there are many mistakes people make, such as not paying them correctly. When this has gone on for a while, the IRS can come after you. They are not going to care about the reasons why you did not pay your taxes, or why you made the mistakes you made. Their only job is to get you to pay your taxes back in full, not to give you a tax break for not doing your part of the job. However, tax debt relief programs many times can give you that tax break that you need if you truly cannot pay back your taxes.
No matter what type of payment plan you are put on, if you cannot pay your tax debt in 5 years, then you will be considered a candidate for not being able to afford your tax debt, and chances are great that a tax debt relief program will be able to help you lower your tax debt so that you will be able to afford to pay it off. If you can, however, afford to pay off your tax debt within 5 years, then chances are, you will be put on a payment plan. But, tax debt relief programs can try to make sure that you are on the best payment plan possible for your finances, and if you must pay interest, they can help you to get a lower interest rate.
If you don't have the money to pay your tax debt, but you have equity in your home, you may want to consider using that to pay your tax debt. Even if you have the money to pay it off, you may not want to just pay it all off in cash. You may want to consider putting it on credit cards so that you can earn points and frequent flyer miles, or whatever incentives the credit cards offer for putting money on the cards and then paying it off. You could then pay it off on the credit cards when the bill comes in the mail. As long as you pay it off in full, you will not have to pay interest on it, but you will have accumulated all those extra perks on your credit card!
