There are several options available for getting rid of tax debt, including setting up an installment agreement, making an offer in compromise, and taking advantage of tax relief programs.
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Tax debt can be a significant burden for individuals and businesses alike. The stress and anxiety of dealing with the IRS can be overwhelming, and it’s important to take action to get rid of your tax debt as soon as possible. In this article, we’ll provide you with five tips for getting rid of tax debt once and for all.
Determine the Amount Owed and the Reason for the Debt
The first step in getting rid of tax debt is to understand what you owe and why. Review your tax returns and any notices from the IRS to determine the amount owed and the reason for the debt. It’s essential to act quickly and communicate with the IRS as soon as possible to avoid additional penalties and interest.
Set Up an Installment Agreement
If you’re unable to pay the full amount owed in a lump sum, consider setting up an Installment Agreement with the IRS. This allows you to make monthly payments over a set period, which can make the debt more manageable. However, it’s essential to understand that interest and penalties will continue to accrue on the unpaid balance, so it’s best to pay off your debt as quickly as possible.
Consider an Offer in Compromise
If you’re unable to pay the full amount owed, you may be able to settle your tax debt for less than the full amount through an Offer In Compromise (OIC). This is an agreement between you and the IRS that allows you to settle your tax debt for less than the full amount owed. However, the OIC process can be complex and requires careful consideration and preparation.
Take Advantage of Tax Relief Programs
The IRS offers various tax relief programs for taxpayers who are experiencing financial hardship. These programs include Currently Not Collectible status, which temporarily suspends collection efforts on your account, and the IRS Fresh Start Program, which provides eligible taxpayers with more flexible payment options.
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Work with a Qualified Tax Professional
Working with a qualified tax professional can help you navigate the complex IRS rules and regulations and work to negotiate a favorable resolution on your behalf. They can also provide you with valuable advice and guidance on the best course of action for your specific situation.
Getting rid of tax debt can be a challenging and stressful experience, but it’s essential to take action as soon as possible to avoid additional penalties and interest. Consider the above tips to help you resolve your tax debt once and for all. Remember to stay informed, stay organized, and seek professional assistance if necessary.
How Simple Is Qualifying?
Considering that the Fresh Start Program is a federal program, you would think meeting the qualifications may be very difficult, but really, it’s a lot simpler and quicker than you think. Take the following steps in order to find out if you are eligible in as little as 3 minutes.
- Fill out some basic information about yourself and your back taxes here.
- Have a representative reach out to you to discuss your eligibility.
- Go through the enrollment process and finally reduce or eliminate your tax liabilities.