Ways to Reduce Your IRS Tax Debt
A tax debt settlement company can negotiate with the IRS on your behalf to reduce the amount of tax you owe and set up an affordable IRS payment plan.
If you owe the IRS tax between $10,000-$25,000
Hiring a professional in federal tax liability field is worth consideration, particularly as free tax debt help is often available by initial consultation. It will be necessary to ensure your original tax returns are accurate, and that you will be able to afford the tax repayment plan.
If you owe the IRS tax over $25,000
When you require money for back taxes in excess of $25,000 it is worthwhile to recruit a qualified tax debt relief specialist. A tax specialist needs to be a certified public accountant, enrolled agent, or tax attorney to practice before the Internal Revenue Service (IRS).
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You can get some relief from back taxes owed by negotiating a reduction in tax debts with the IRS or an agreement to extend the duration to pay off the tax.
Find out about wage garnishment and how they can be used by the IRS to recover tax debts.
Offer In Compromise
Taxpayers who satisfy certain criteria may receive an offer in compromise or tax reduction from the IRS on their tax liability.
When a taxpayer fails to pay tax owed to the IRS when due they have income tax debt or other tax debts.
In addition to tax debt penalties and interest charges, the government can garnish wages and place tax levies on property for unpaid tax debts.
Resolve Tax Debts
A tax debt attorney or tax lawyer or counselor can provide advice to get tax debts resolved.
American tax debt companies are located in all states and offer help to reduce tax debt and can arrange IRS settlement plans.