The IRS is an intimidating entity for many people. It can cause just about anyone to have an anxiety attack to have their finances audited. Suppose you’re afraid that you might owe money and know that you won’t be able to afford to pay that back, as well as continue paying current and future taxes. In that case, you need to learn about tax debt relief options. While it’s not easy to qualify for any of these solutions, they’re still worth learning about and worth trying.
One option is “offer in compromise” or OIC. This option is an agreement between the taxpayer and IRS that effectively resolves the taxpayer’s liability for a reduced amount. In this type of situation, you might be able to get away paying less than the full amount that you owe back. However, to qualify for this, you need to prove that your assets’ value is noticeably lower than your total tax liability.
Another one of the tax debt relief options you might qualify for is “installment agreement”. The IA option can allow the taxpayer to make payments towards their debt in smaller, easily manageable amounts. There is the Currently-Non-Collectible option, which is what it sounds. It refers to when the person in debt is experiencing severe personal or economic hardships to the point where expenses exceed income. Like the other options, it must be provable.
Tax Debt Relief Options With Regards to Your Finances
Your financial circumstances might be unique and will require a custom solution. It would help if you chose a debt relief company that offers relief for those dealing with tax debts. Ensure that the company you select has a dedicated tax team with decades of experience and knowledge about various tax debt relief options.
There are several tax issues the right company can help you with: unpaid taxes, personal, business, tax liens, garnishments, penalties, IRA rollover problems, audits, trust fund penalties, and so forth.
Remember that some issues will be more difficult than others – especially if you are already going through the penalty. For instance, you may or may not be able to get assistance for preventing levy and seizure, or for a tax lien release.
It still doesn’t hurt to get yourself a free consultation or estimate, though. Where should you start with your search for tax debt relief options? CuraDebt is an excellent place to check into – not just for tax debt relief possibilities but also for any other type of debt relief.