Sound Familiar? Matt is an average person who works hard to pay his bills and support his family. Last year he was laid off and was not able to pay the taxes he owed. Now, a year later, he knows that he owes back taxes with fees and penalties. He is not sure if he will ever be able to pay off his existing tax debt.
Choose the Right Help! If you’re like Matt and have a large amount of tax debt waiting to be paid, it’s time to find help. You need to get rid of your tax problems quickly. Make the right choice; the following information should make it easier for you to figure out what type of tax debt help you need.
1. Offer in Compromise – This IRS program allows taxpayers to compromise with them about how much you can pay them for the debt owed. It’s a very long and tedious process and the qualifications are difficult to meet. However, if you meet the requirements, it can be a very rewarding program. Consult with a professional to see if you qualify, and always get a second opinion to make sure you’re making the best decision for your case.
2. Installment Agreement – In this program, the IRS sets up monthly payments for you to pay off your existing debt. This is much like paying your credit card debt, except that the IRS gets to decide how much you pay per month. While you do have a bit of a say in how much you can afford, it is ultimately decided by the IRS and can be a heck of a lot more than you think it should be.
3. Penalty Abatement – When you have tax debt, the IRS immediately starts adding interest and penalties. This means that not only do you owe the original debt, but also the newer fees. However, you do have some recourse if you can give the IRS reason to believe it was impossible for you to pay everything that you owe. After filling out the required paperwork, you could potentially reduce your tax debt up to 30%, making it much easier to pay off the rest.
Help is On the Way! Regardless of your situation, there is help to fix your tax debt problems. Believe me; nothing is scarier for an IRS-Hitman than a tax professional that knows what he’s doing. Get the right help today, and make sure that you don’t have to spend the rest of your life worrying about your tax issue.
Now you have the smoking gun…Use it!