Resolve Your Tax Debt Today If You Can't Pay Taxes

Can't Pay Taxes? Five Steps to Clear IRS Tax Debt

Can't Pay Taxes to the IRSIn this hard economic climate, it is already difficult to pay necessary bills like mortgage and gas. Adding a tax bill can make budgeting even more stressful. That is why thousands of Americans can't pay taxes they owe to the IRS. This predicament can leave many feeling hopeless, ignoring notices sent from the IRS, which invites collection actions from the IRS.

However, there are ways to handle IRS debt when you can't pay taxes that everyone should learn. So if that unfortunate day comes, when you face a tax debt, and you can't pay taxes, you will know the steps to take to avoid IRS collections.

  1. If you have yet to file your tax return because you discover you have a tax bill due, it is important you file your income taxes anyway. Remember, it is not illegal if you can't pay taxes, but it is illegal if you don't file your taxes. So that is the first thing you should do, file your tax return and any other past years you haven't filed.

  2. This is also a requirement if you are to enter into any agreement with the IRS. You will need to be in full tax filing compliance before any IRS negotiations can begin.

  3. If you have the ability, you may want to look into the benefits and consequences of taking out a bank loan when you can't pay taxes to the IRS. The upside of a bank loan is often times they have a lower interest rate than the IRS, and the payment schedules are usually more flexible than what the IRS offers. Like the IRS, the bank will be able to seize your assets if you default on your loan payments, but unlike the IRS, the bank does not have the authority to garnish your wages.

  4. For taxpayers who are unable to get a line of credit through their bank, there are plenty of IRS payment plans to consider, if you can't pay taxes that you owe the IRS. Research the qualifications and details of each IRS resolution program in order to avoid applying for a program that is unattainable, accidentally providing the IRS with the information it needs to demand a specific monthly payment amount.

  5. Visit our Installment Agreement, Offer in Compromise, Penalty Abatement, Innocent Spouse, and Partial Payment Agreement pages for more information.

  6. Consult with a tax debt specialist about your tax situation if you can't pay taxes to the IRS. Professionals such as Tax Attorneys, Enrolled Agents, and CPAs are qualified to negotiate repayment agreements with the IRS on behalf of Americans who can't pay taxes. The expertise these tax professionals possess often times leads to reduced tax penalties and interest, monthly payments, or overall tax liabilities. It is important to speak with a licensed professional before you attempt to resolve your tax issue, even if you decide against hiring anyone to assist you with the process.

  7. Once you have exhausted all your borrowing opportunities (i.e. friends and family, bank, credit cards, etc), performed the necessary research, and spoke with a tax debt consultant; you should have a clear view of the best IRS payment option to take. All that is left to do is gathering the proper documentation, completing the appropriate IRS forms and submitting the package to the IRS for review.

The best defense is a good offense, so when you find yourself in a position where you can't pay taxes that you owe to the IRS, being proactive is always best. By taking these steps, you are poised to come out of your tax debt dilemma with an affordable payment agreement or better.

Call now or fill out the form below for a free consultation if you can't pay taxes. We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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