Set-up A Payment Plan You Can Live With
It can happen by accident. You may not have withheld enough from your paycheck in the past year and wind up with a whopper of a tax bill when you filed your returns. It could be you came into some money, spent it, and didn’t realize that a big chunk of it was owed to the IRS in taxes.
If your debt has been piling up for a while, it can be overwhelming and extremely stressful. You might feel stuck or frozen, not knowing what you should do or how you are going to get out of your situation. But the worst thing you can do is nothing. The penalties and interest just keep adding up, sinking you further and further into trouble.
The IRS takes their money seriously! They will seek every legal way to collect the money they are owed. They can seize your assets, freeze your bank account, garnish your paycheck, and even restrict your passport. They can file levies and liens on your property. We hope this hasn’t happened to you yet, but it will if you don’t act fast enough.
Failure to Pay Taxes
If you owe money to the IRS but can’t pay, there are several options available to you depending on your circumstances. One of the most important things is to start paying you current taxes first. You must be all caught up with filing your income tax returns and paying your current taxes before most of these remedies are available to you.
Here are some of the options the IRS provides to taxpayers who owe money. Whether these are applicable to you depends on your circumstances. The most common option is to establish an installment plan.This is where you work out a payment arrangement with the IRS or state taxing authority. There are several forms of agreements, including regular, partial-pay, and streamlined. Which one you should use is highly dependent upon your current financial situation and the amount you owe.
A certified tax resolution professional can help you:
- Respond professionally to any IRS correspondence you receive
- Contact the IRS on your behalf so that you don’t have to face them directly
- Represent your case before the IRS
- Get you caught up on filing back tax returns that are late
- Understand the IRS Collections process and your rights
- Negotiate penalties, interest, and taxes due to lower your debt
- Work out a payment plan on any money you owe to the IRS
- Fight for you on issues that come up, such as innocent spouse situations or positions taken on tax returns
- Help you get levies and liens removed from your assets.
Contact Tax Debt Relief at no obligation to you so we can understand your specific tax situation and provide advice on the options available to you. We offer our services locally in Mt. Juliet and Nashville, and virtually throughout the United States. Your tax issue is handled with the utmost confidentiality and privacy.