Most of us know how important it is to stay on top of our taxes and keep track of what we are deducting and paying out each and every year. If you have missed your taxes a few years out of your life, chances are the IRS has come looking for you. Rather than avoid the entire situation, look at this simple guide to get the best IRS tax debt settlement help that you can find.
What to Expect
Tax debt settlement is a lot like a settlement that a creditor might offer to you. The IRS will send you a notice through the mail stating the amount of money that is owed and how to get in touch with them for payment plans. In order to get the best help possible it is essential to keep in touch with the person calling you. If you try to get out of making your payments, you could be fined even more and possibly face jail time. In order to avoid these consequences, make sure to get on the phone with the IRS to seek options.
IRS Debt Relief Options
The IRS will give you a number of options for IRS debt relief. You might be able to break up the entire amount into monthly payments. Over a certain period of time you will be required to make a monthly payment. Any payments missed could results in garnishing of wages and even jail time. If you are going to miss a payment, then you need to call and notify the IRS first! This will help to settle tax debt in a timely and smooth manner.
Another option that comes straight from the IRS is the option to defer the payments. Of course you will need to show proof of current hardship as well as where you will stand financially later on. If you have a new job that you just started, the IRS will be able to give you new tax debt solutions for future payment plans. This of course can be done by making a few simple phone calls and keeping the lines of communication open!
Should I Get an IRS Attorney?
If you are in severe debt and you do not know where to turn, get on the phone with an IRS attorney. There are hundreds of firms across the country that has been helping people settle their IRS debt for less! Tax debts do not usually have to be paid in full and an attorney will be able to take over the case and speak on your personal behalf. You can also find debt counselors online that will be able to point you in the right direction as well. Any help that you can find should work in your favor and help to reduce and eliminate debt.
Once you start making payments, you will start to see your overall IRS tax debt balance decrease. Payment plans are not hard to follow and the IRS will usually work with the amount of money that you can afford to pay each month. Get on the phone today and see if you can clear away some of that unwanted IRS tax debt!
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