subject: Tax Debt And How To Handle It [print this page] Tax Debt And How To Handle It Tax Debt And How To Handle It
Tax debt is a different kind of debt than owing on credit cards, or other purchases. When you owe taxes you are dealing with an entity that does not give you much room to maneuver. That entity is the IRS!
Since the IRS believes back taxes to be a crime, they have no qualms about assessing penalties and fines. They have even been known to freeze bank accounts, garnish wages and even take their assets. In other words, you don't want to make them angry.
More people than you would know have problems paying their taxes at some time. And even though they know what their problem is, they don't know how to solve it. Many people make the mistake of being in denial, or in other words, they think if they don't do anything, it will just go away.
Don't be one of these people. Even though going up against the IRS can be a littlescary, you don't have to go it alone. Find a good tax resolution firm, or tax attorney to help you. The fees they charge you are nothing compared to the penalties and interest the IRS is going to pile up on you. They are well worth the fee you pay.
Back in 2008, AOL did a poll on people that had a lot of debt. It concluded that people with debt are much more likely to have health concerns. Some were problems like panic attacks, ulcers, and even digestive tract problems. So in order to keep your finances healthy, and your body healthy, it's important to get out of debt.
You will find that in many instances the IRS is more than willing to come to an agreement with you. They have many plans, including the offer of compromise, and the installment agreement. Don't worry yourself into a bad health state worrying about your taxes. Get help, and get everything on the road to recovery.
