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Looking for Assistance on Tax Debt Relief?

No one particularly enjoys taxesóis it not frequently equated with death? Nevertheless, the Internal Revenue Service is not an agency to toy with. Regardless of how much money you owe, you are obligated to pay the amount as quickly as possible. The I.R.S. hotline will tell you that regardless of what income you make, even a $4.00 deposit derived from some sort of income, counts as taxable profit. All right, so what do you do when you find yourself contending with tax debt relief?

Donít panic. Everyone gets behind now and then, and in the majority cases, there are options that donít involve jail time. The important thing is that you make an honest attempt to communicate with the office and try to pay as much of your debt as possible. So for starters, file your income tax on time. Donít ignore the problem hoping it will go away. If the I.R.S. hasnít contacted you, donít assume that theyíve written off your tax debt relief. You may have to call the agency and find out what seems to be the holdup. After contact is established, the I.R.S. will have generally one question: how are you going to pay us? Your avenues of help for tax debt relief will be in one of the following:

1. Extension of Due Date

Donít fret if you canít afford to pay your full tax debt by April 15th or even several weeks later. The I.R.S. wants their money and has the power to extend your payment due date if youíre sure you can come up with the money by a certain date. The I.R.S. can extend the payment due date a full 120 days or perhaps more if there are special considerations.

2. Installment Plan

If you simply canít afford tax debt relief all at once, then file for an installment plan. This involves paying the I.R.S. a down payment and then making monthly payments until the balance due runs out. You can choose what to pay each month thatís on budget, but it has to be high enough to pay the balance out within 1-2 years. Donít underestimate this payment, because the I.R.S. can access your finances and locate what they consider to be frivolous spending. (Thatís money that could be going to them.)

3. Amendment of Old Tax Returns

If you discover that you have made mistakes on previous year tax returns, (perhaps you have overlooked some reductions), then you can always make amendments. You may have to provide documented evidence to support these changes, but if it can save you money on tax debt relief, it may be worth doing.

4. Hire a Tax Professional

If you are unsure of what deductions to make next year or if you currently owe the I.R.S. $10,000 or more in tax debt relief, then it may help you to hire a tax professional. He or she can help you negotiate your terms, penalties and balance due. Make sure the tax professional is classified as a Certified Public Accountant or a tax attorney.

5. Offer in Compromise

If you have special circumstances, or wish to dispute a payment, then you can file an Offer in Compromise. This involves filing a page that explains an unusual situation and then making a compromise offer, usually in a lump sum, though occasionally an installment plan will suffice. The I.R.S. can either accept or reject the OIC.

6. Borrow Money to Settle Tax Debt Relief

If you owe a remarkably high amount to the I.R.S. then you could finance a personal loan and get a break on interest rates and penalty payments.

Regardless of what measure you take, just know that the Internal Revenue Service is reasonable and wants to help put this tax debt relief behind you as soon as possible.

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