If you’ve ever filed your tax return and realized you didn’t have the money to pay what they said you owed right away, you’re one of the millions of Americans who owe the IRS. While the IRS does offer payment plans, they also tack on fees and finance charges. Collections are costly and over time, your debt can snowball and become impossible to handle on your own. Tribute Tax Defense can help you negotiate with the IRS to give you relief from crushing tax debt. Here’s what you should know.
Are You Experiencing Economic Hardship?
Individuals dealing with severe economic hardship may be able to file for temporary relief. You’ll have to prove that you’re not able to pay your taxes at this time, but if approved, you’ll be put on what is known as a Currently Not Collectible list.
Are You Having Difficulty Paying the Penalties?
If you’re not able to pay your taxes on time, the IRS will assess penalties. The more you owe, the more you will be fined. This is partly what causes your tax debt to grow bigger every year. You may be able to show the IRS that you can pay your taxes but not the penalties, and they may be willing to reduce the penalties to allow you to pay off your debt.
Do You Qualify for an Offer in Compromise?
Like most debt collectors, the IRS will often consider an Offer in Compromise. This means that you offer to pay an amount that is less than you owe, but you pay it all at once. The IRS may be willing to accept a lower payment if they don’t have to pay for collection costs.
Contact an Experienced Tax Negotiator
If you owe back taxes or are in collections with the IRS, you may need help getting your head above water. The IRS isn’t always easy to deal with, and having an experienced tax negotiator on your side can make sure the IRS takes your case seriously. Contact Tribute Tax Defense now to learn how we can help you get control of your tax debt.