When it comes to owing the IRS, “poor performance” can mean $10,000 + in unpaid taxes, frozen bank accounts, sleepless nights, damaged relationships.
The good news? Just because you’ve planned poorly in dealing with the IRS in the past doesn’t mean you can’t get a fresh start today. Your IRS situation is what it is. They’ve put you in a tough spot. Now it’s your turn to make a quality decision to deal with it. How?
Here are 5 possible ‘kick-ass’ strategies you can use to get IRS tax relief now:
- Offer in Compromise: Settle your tax debt for less than the total amount you owe.
- Installment Agreement: Set up a monthly payment plan for paying off the total amount due
- Not Currently Collectible: a program where the IRS agrees not to collect on the tax debt for a period of time
- Partial Pay Install Agreement: an arrangement with the IRS where you have a long term payment plan to pay off the IRS at a reduced dollar amount
- Bankruptcy: you agree to discharge your tax debts using the strict rules of a Chapter 7 or Chapter 13 bankruptcy petition.
There is no “one size fits all” solution to your tax problem. The best course of action for you is to study the alternatives, get the information you need to make a wise decision, and then select the IRS program that is most appropriate to your financial situation.
You may wish to consult with an Enrolled Agent who specializes in resolving tax debt, and has the experience and expertise to help you make an informed decision and provide professional IRS representation. Or, depending your particular situation, you may be comfortable with a ‘do-it-yourself’ approach in dealing with the IRS. Either way, don’t let poor planning prevent you from gaining tax relief that’s appropriate to your financial situation.