Reduce My Tax Debt
Almost all taxpayers run into a tax bill that they cannot pay at one time or another. The bill may come immediately after filing a return, after an audit, or seemingly out of nowhere, years after you've filed the tax return in question. Regardless, the IRS collections process is never a pleasant one. The IRS is arguably the most powerful debt collector in the country. It has the ability to place liens on your property and garnish your wages until your tax debt is repaid in full. If you're facing a daunting tax debt situation, read on to learn how we can help you find a way out.
Tax Debt Reduction
Believe it or not, the IRS is not completely averse to negotiations when it comes to tax debt repayment. In fact, the most successful reduce my tax debt plans typically involve some sort of compromise with the IRS. The bottom line is that if you can't pay your tax liability in full, you do have options. Consulting with a professional debt service or a tax professional can help you explore all of the alternatives to get you out of tax debt for good. Consider the following ways you can reduce tax debt:
- Declaring the debt uncollectible. The IRS sometimes declares tax debts uncollectible at the time, which gives you another year or so to come up with the money.
- Offer in compromise. This is one way to reduce tax debt without having to pay the full amount of your original obligation. Presently, you can choose to make a lump-sum payment for a reduced amount, monthly payments over 24 months or less, or monthly payments for the remainder of the statute of limitations.
- Bankruptcy. Although there are strict rules on reducing tax debt through bankruptcy, a Chapter 7 or Chapter 13 petition may qualify you to discharge income tax debt. Keep in mind that not all tax debts are dischargeable in bankruptcy, however.
Sign up for a Free Tax Debt Offer
Talking with a professional about your tax debt is one of the most effective ways to reduce your obligations. If you would like to know more about your various payment options, sign up for a free quote here. We'll show you a complimentary estimate on the cost of services from one of our tax debt affiliates. They can tell you more about tax debt consolidation, repayment plans, and other ways to reduce my tax debt to more reasonable levels. Start paying off your tax obligations the smart way by signing up now.