Bob Jablonsky & Associates Blog

7 Ways to Eliminate Your IRS Debt!

by | Aug 5, 2022

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:

  1. Fully pay the debt. That’s the simplest solution but will require an immediate full payment of the tax debt.
  2. 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.
  3. Negotiate an Offer In Compromise, where you will make an offer to the IRS for less than the full amount of the debt.
  4. Be placed in Currently Not Collectible status  if you qualify as not required to make payments at this time.
  5. When your tax is overstated, file an original return for an SFR or amend an incorrect tax return.
  6. Qualified tax debt can be discharged thru Bankruptcy.
  7. 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/.

Bob Jablonsky is the founder of Bob Jablonsky & Associates. He has spent his career helping taxpayers resolve tax issues and get back on track with the IRS. In addition to tax resolution his firm also prepares hundreds of tax returns every year for both individuals and small to mid-sized businesses.

Bob is an IRS Enrolled Agent (EA), which is an elite credential issued by the Internal Revenue Service to professionals who demonstrate special competence in federal tax planning, individual and business tax return preparation, and representation matters. An Enrolled Agent license is the highest credential awarded by the IRS and is recognized across all 50 states. Additionally he is a CMA, or Certified Management Accountant, a designation for financial controllers and CFOs (Chief Financial Officers), as well as an Advanced Certified Quickbooks Pro Advisor.

Get in touch

1900 Jay Ell Drive
Richardson, TX 75081

Bob@jablonskyandassociates.com

(972) 821-1991

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