Five Ways to Achieve IRS Tax Debt Relief

Are you interested in achieving IRS tax debt relief? If you owe money to the IRS your answer is probably yes. With so many ways to get relief you should be excited. No matter what situation you are in, there are things you can do to make things better. As a taxpayer, it is important to know how to achieve IRS debt relief – even if you do not owe money right now. You never know when something will change in the future.
Before considering any other option, think about paying the IRS in full. If you can afford to do this you are in good position to achieve immediate tax relief. You may not want to part with a large sum of money, but in the long run getting rid of this type of debt is the best financial move that you can make. In fact, even if you have to borrow money this is something that you may want to consider.
Below are five other options for achieving IRS tax debt relief:
1. Offer in compromise. With this option you are able to settle your tax debt for pennies on the dollar. This means that you will pay less than the actual amount due. It is important to note that an offer in compromise can take up to 24 months to process, and that the IRS only accepts 10 to 15 percent of these.
2. Installment agreement. If you are not able to take advantage of an offer in compromise this is an option to consider. You can pay your tax, as well as any penalties and interest, over the course of many months. For those who do not have a lot of money on hand, this is a great way of achieving IRS tax debt relief.
3. Currently not collectible. If you cannot afford an installment agreement, but do not qualify for an offer in compromise, you have the right to apply for currently not collectible status. With this, the IRS will not pursue any payment. That being said, as soon as your financial situation improves the IRS is able to remove the currently not collectible status.
4. Statute of limitation. From the day that your tax liability is finalized the IRS has 30 days to collect. If the statute of limitations expires the IRS must erase any liability and stop attempting to collect from you.
5. Bankruptcy. With chapter 7 and 13 bankruptcy filings, some or all of your IRS tax debt can be wiped out. Of course, there are strict rules that govern if and how much of your debt can be discharged. If you are interested in this, make sure you have an experienced bankruptcy attorney working for you.
If you need to achieve IRS tax debt relief you should consider doing so through one of the five methods detailed above. All of them can help. You have to pinpoint which one is best for you, and then follow through with the proper steps.