subject: IRS Debt Relief Settlement – Tips To Get Rid Of Your IRS Debt [print this page] IRS Debt Relief Settlement Tips To Get Rid Of Your IRS Debt
If you are kind of desperate about finding solutions to your IRS debt, and you are serious in settling it once and for all, then you must read on. You don't have to worry because there are millions in the country who are also trapped with the same problem. IRS debt settlement is something simple and easy if you only know what to prioritize first.
Here are some tips to aide you on settling your debts:
Compromise Agreement
There is nothing that can't be achieved with negotiating. Yes, you can always agree to a compromise with the IRS. While others think it is not feasible because IRS has always set the guidelines, terms, and conditions, there is no harm in trying. You can negotiate for a longer period of time for the completion of the payment. You can also ask if they can lower the amount to pay while you promise to pay it on time. There are many ways in which you can have a win-win situation with the IRS. You just have to be humble and sincere.
Installment Terms
Installment is always accompanied with interest rates. Although all in all, you will be paying for a much larger amount, at least you have the luxury of time to complete it. You may either pay monthly, and this allows you to manage your finances every month, allotting a portion to your IRS debt. This is good for those who are not capable of paying the IRS debt in full because in a monthly basis, only a minimum amount is required for you to settle.
Currently Not Collectible
By having this status does not mean that you are freed from your debt. It only gives you the leeway to not pay the debt in full for some reason that you are not capable of paying yet. A yearly checking will be done by the IRS to see if you can already pay. However, be mindful that IRS gives only 10 years for those with debts to pay.
Advantage of taking more time to pay in full
The automated IRS collection, in a general view, is actually helpful to those who are not capable of paying the debt in full yet. How does this happen? For some reason, the automated IRS collection system is slow, which gives way to people to look for their money to pay. When the IRS sees that you still have some debts to pay, they will send you their automated notices. Then, they will send you some collection letters which remind you of their debt. The first letter that will be sent is an assessment letter telling you of the amount you owe. Next, you will be given a series of four computer-generated letters reminding you that you have 3-6 months before the IRS moves. If you still haven't had the money to pay, you can write them a letter asking for a 45-day extension of the deadline. The same process is applied if you are again not able to comply with the deadline.
Tax Expert
Since you still have not settled your IRS debt means you are not that good in your finances. Sometimes, you have to admit that you cannot trust yourself with financial matters so might as well hire the services of a tax expert. They are those in-the-know in debts and other financial matters, and they are always available to advise you with the most effective methods in settling a debt, especially with an established institution such as the IRS.
Do not be complacent. Do not just sit back and relax. If you have taxes unsettled, move and find solutions. There are no problems that have no solutions at all. Good luck!
