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Owing money to the IRS can be a very scary feeling. If you have back taxes and are struggling to figure out how you will ever pay them off, this article was written especially for you! There are options available to help you get caught up and back on track with the IRS.
They offer an Installment Agreement that many people just don't know about! You and the IRS agree on a monthly payment amount based upon your income. This can help you take back control over your debt and pay off the balance much quicker than you realize!
The IRS also has an Offer for Compromise that most are unaware of. This is a more complex option that basically proves that you are unable to pay the balance of your back taxes today and will not be able to afford it in the near future. Once proven by financial documentation, you then work to find a balance amount that you can afford to pay. You should hire a tax professional to assist you with the process as it is complicated and accuracy is paramount!
Another little known fact is that the IRS now allows back tax debt to be discharged in chapter 7 and chapter 13 bankruptcy cases. There are stringent criteria and qualifications, but if you qualify your back tax debt could literally be erased! You need to talk to your bankruptcy attorney to determine if you qualify and to facilitate the process.
These options are available right now! The odds are very good that the IRS has some option available that would fit your particular situation and help you to get out of debt. You no longer have to live in fear, waiting for the IRS to come collecting.
Procrastination is common when people owe back taxes. It is usually caused by fear and intimidation, but it no longer needs to happen. You need to realize that your debt continues to grow daily due to penalties and interest. If you wait and do nothing your back taxes could literally double. This is no time to hide from the reality of the debt. Find a tax professional that is reputable and knowledgeable today! The longer you wait the deeper in debt you will be.
Be sure to check out any tax professional you want to hire. Get references and make sure they are legitimate and are genuinely able to assist you.
