When you’re struggling to pay off a significant amount of IRS debt, it can feel like you’re never going to get out, but there is hope! IRS debt relief programs can help you get your life back on track. There are a number of options to help you settle your tax debt. However, it’s important to remember that IRS debt relief is not a quick fix. It often takes months or even years to get the necessary approvals for your payment plan. However, many tax attorneys in Dallas, TX can help you navigate the process and ensure that you take advantage of the relief options available. When it comes to IRS debt relief, there are a few things you should know. Read on.
1. IRS tax installment agreement
One of the most popular options is a payment plan, also called an IRS tax installment agreement. In an extended timeline, the IRS allows you to make monthly payments toward your tax bill until it’s paid off. As long as you make all your payments on time, the IRS debt forgiveness could also eventually take place for the rest of the debt. Online payment plans are typically available for amounts owed up to $50,000. The approvals are subject to the IRS’s discretion on whether they believe it’s something you can realistically afford.
2. IRS Offer in Compromise
The third option for IRS debt relief is an offer in compromise (OIC). With an OIC, you agree to pay the IRS a sum that’s less than the full amount you owe. The IRS will only accept an OIC if it believes that’s all you can afford to pay or if they doubt it’ll ever collect the full amount from you.
3. IRS Currently Not Collectible Status
The next option is Currently Not collectible status. It means that the IRS has decided to suspend collection activities against you because they believe you cannot afford to pay your tax bill and doing so will lead to economic hardship.
4. File Bankruptcy
Finally, if you are truly unable to pay off your IRS debt, there is also the option of filing for bankruptcy. However, it should be considered a last resort, as it will have a major impact on your credit score and may make it difficult to get loans in the future.
Final Word
If you don’t follow through with the terms of your settlement agreement, the IRS could come after you for the full amount of your tax debt plus interest and penalties. Qualifying for a debt relief option is complicated and the IRS looks for solid proof to grant approvals. Dallas residents if you’re behind on your taxes and struggling to catch up, hire an experienced Dallas tax debt attorney who would be able to help you get back on track.
If you have tax debts, you require an experienced attorney to assist you to navigate our complex tax laws and help you get relief.
Kreig Mitchell LLC IRS debt collection lawyers are here to help you protect your assets and make a sustainable plan for paying off your debt.
Whether you want to collect money that you are owed or are being pursued by creditors, our Houston debt collection attorneys can help you.
Our IRS debt collection lawyers in Houston help individual and business clients throughout the nation resolve tax debts by negotiating with the IRS and state tax authorities.
We are known for serving our clients with a range of legal services including tax debt.
If you experience the pressure of mounting tax debt and require assistance negotiating an IRS payment plan, contact our experienced tax attorney today.
We provide IRS tax relief services in Sacramento, CA.
Well make sure that your rights are protected throughout the process.
Because of the financial crisis the nation has gone by means of a handful of years back, the demand of tax relief support also increases hence a number of tax relief scams are also in the rise.
It's important to decide on the proper one who can assist you for the correct direction in settling your tax debts and not the bogus bastards who want practically nothing but take your money and all of a sudden they are gone out in the scene.
Tax attorneys will need to be certified to practice within your state, and they have to possess passed the BAR.Beware of tax relief service that will ask an upfront fee or a pre-payment.
Most of the time, a tax relief company only charges a one-time charge and some even features a flexible payment option to help ease your financial burden.
Truth is, acquiring an expert support with your tax problems can expense you money but you must recall that coping with the IRS agency alone can be much more highly-priced for sure.Usually do not be carried away with fake tax relief assistance that guarantees a solution without the need of even evaluating what your financial status is.
In resolving an IRS tax difficulty, you'll be necessary to submit personal and financial facts to your tax attorney or even a tax relief firm/company and they'll also gather facts from IRS about your tax information.
