Explore your options to settle up with the IRS.
Tax debt can be the most stressful type of debt to deal with because it can easily put your bank accounts, assets and paychecks at risk. Once the IRS begins the collections process, the clock is ticking on how long it will take before the agency starts to find ways to collect what they’re owed. If you don’t want your wages garnished, assets seized or even your bank accounts drained, then you need to take steps immediately to resolve the issues and regain control.
The information contained in this section is designed to help you understand the options available for tax debt relief. From establishing a customized payment plan and using options for settlement, to taking legal “outs” if you really don’t have the money to pay because you’re facing financial hardship.
Please feel free to use the resources below to help you understand your options if you’re facing issues with unpaid tax debt. If you need help and want to know what to do in your situation, call us now at 1-888-470-4531 or complete the form to the right to connect with a tax professional.
Overwhelmed with tax debt
According to a 2012 report from the U.S. Government Accountability Office, individuals owed roughly $258 billion in unpaid tax debt to the IRS at the end of fiscal year 2011. Adding in unpaid business tax debt, that number jumps up to $373 billion.
The report goes on to say that more than half of those who owed the IRS were on the hook for less than $5,000. However the individuals and businesses who owed more than $25,000 total up to $310 billion – in other words, they account for about 83 percent of the total amount owed. So in many cases, if you’re having problems with then they’re probably BIG problems that amy require professional help to overcome.
How to find tax debt relief
No two tax situations are alike, so it’s not surprising that there are a range of solutions (detailed below) that you can potentially use to solve your problems. Depending on your income, employment status, and nature of your debt you’ll want to use a certain solution or combination of solutions. Luckily, you don’t have to figure it all out on your own.
- Call or complete the form to the right to connect with a qualified and licensed tax professional in your area.
- Review your finances and talk about the issues you’re having with your taxes.
- Customize the combination of solutions that you need to minimize penalties and interest while getting you out of debt as quickly as possible.
Carte blanche tax debt forgiveness is kind of a myth, but there ARE options available in certain situations that can limit your liability. In other cases, you may be able to minimize the amount you owe – it’s not forgiveness in-full, but these options can help ease the burden of your debt.
Article last modified on May 25, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Finding the Best Tax Debt Relief Solution - AMP.