Did you know that there are estimated to be over 20 million taxpayers that are either in some stage of the collection process with the IRS or are believed to be non-filers (and who also owe the IRS)?
Unfortunately, if you don’t solve your tax problems timely, you can expect levies, liens, and a general negative impact on your daily life. In most cases, these problems can be eliminated or minimized by taking proper action. Today we’ll cover 7 ways to eliminate your tax debt and get your life back on track. To learn more, continue reading and watch our video at You Tube – 7 Ways to Resolve Your Tax Debt
Here are 7 Options to Resolve Your Tax Debt
There are several different methods of settling collection issues. First you must address the problem and get into compliance by filing all delinquent tax returns. Once you are ready, some of the most common solutions include:
- Fully pay the debt. That’s the simplest solution but will require an immediate full payment of the tax debt.
- Set up an Payment Plan that permits you to pay your debt over time. There are many variations of payment plans. Look at options including a Partial Pay Installment Plan (PPIA) or combining your payment plan with Penalty Abatement.
- Negotiate an Offer In Compromise, where you will make an offer to the IRS for less than the full amount of the debt.
- Be placed in Currently Not Collectible status if you qualify as not required to make payments at this time.
- When your tax is overstated, file an original return for an SFR or amend an incorrect tax return.
- Qualified tax debt can be discharged thru Bankruptcy.
- Wait out the 10 Year Statute of Limitations that the IRS has to collect tax debt.
Not everyone qualifies for each of solutions. The IRS has specific rules to qualify for each of these solutions, but by understanding the rules, or working with a Tax Professional that specializes in this area, you can find the best solution to your specific problem.
If you want to learn more, watch my video at You Tube – 7 Ways to Resolve Your Tax Debt
Do you Need Help?
In order to settle your debt, you need to understand the rules and the opportunities available to you. If you need professional help, feel free to set up 15 minutes on my personal calendar at https://meetme.so/bobjablonsky or call us at (972) 821-1991 To learn more about us, visit our website at https://jablonskyandassociates.com/.