Get a handle on runaway tax debt! If you’ve lost control of your finances due to unpaid tax bills, you’re not alone. If you haven’t filed your taxes and have sunk deeper into a nightmare of debt, it’s time to wake up. File all those back taxes! The IRS won’t give you a choice without having all of your overdue tax information on hand; the IRS calls this: coming into compliance.
Now we are talking… Once the IRS knows that you intend to pay and meet future tax liability, they will listen to you. This does not mean that they will automatically tell you to forget about your tax debt and tell you that everything is fine. But it does mean that you have opened the doors for communication with the IRS and you may be able to get your tax debt under control.
The IRS offers you several settlement options to choose from. These options are a way to help you pay your tax debt to the IRS, either by reducing the amount you owe, setting up a monthly payment, and in some cases, even stopping the collection process altogether.
Here are your debt settlement options:
· Request an installation agreement– a monthly payment plan to pay off your tax debt.
· Partial Payment Installment Agreement– a long-term payment plan where you are paying a lower negotiated dollar amount than you previously owed.
· Offer in Compromise– the IRS is settling for paying less than the full amount. This sounds great, but less than 3% of these apps get accepted into the program.
· Currently not collectible– You must show that there is no foreseeable possibility that the IRS will be able to collect the payment from you. And they will keep watching you!
· declare bankruptcy– have your debt discharged under the guidelines of Chapter 7 or Chapter 13 bankruptcy petitions. However, this will only delay getting your money. They will be waiting in the background for the process to finish!
The tax debt settlement options that will work best for you depend on the total dollar amount owed, and the IRS should still be willing to consider helping you with your debt.
Don’t get caught up in the vicious circle of not declaring, of not paying, year after year. The time to act is now. Get your finances and yourself back on the right track. Use these tips from a former IRS-Hitman. The IRS will not stop until it has taken everything if you don’t act now!
Now you have the smoking gun… Use it!