IRS Debt Help: Resolve Your IRS Problems Today

IRS Payment Solutions: Resolve Your IRS Back Tax Debt

Use us for IRS Payment Help TodayIRS Tax Debt is intimidating. With so many rules and regulations, it can feel like there's no way for you to resolve your IRS issue. For most, the only way to resolve your tax debt is to select an IRS Payment Plan. There are several IRS payment options available, but it's up to the taxpayer to select the right plan if they want to repay their debt quickly and keep from paying more than necessary.

IRS Solutions: Choosing the Right Plan

Before you begin to research IRS payment plans, you should consider the path you want to take to resolve your IRS tax problems. The opportunity to repay your debt in one lump sum payment may be available, but for most this isn't even an option. You may need to break up your IRS tax debt into affordable monthly increments. Look at your financial situation and determine what would work for you.

IRS Option # 1: Paying in Full

Most individuals absolutely cannot pay their whole tax debt in one installment. However, you may be fortunate enough to borrow funds from friends, family, or the bank. If you can do this, do so to resolve your IRS Problem as quickly as possible. The IRS continues to add penalties to your tax debt every month, so paying in full will save you money in the end.

IRS Option # 2: Installment Agreement

You can repay your tax debt in convenient monthly payments. This is called an IRS Installment Agreement, and it's not comparable to how you would typically repay your creditor. With a creditor, you could determine what you pay monthly, but the IRS works differently. You are expected to submit worksheets to the IRS detailing your entire financial situation. From there, the IRS will decide what you pay based on your income.

There are standards the IRS uses to determine what you can afford to repay when you owe IRS back taxes. The IRS calculates your ability to repay the debt before the statute of limitations expires, which is 10 years from when the IRS assesses the tax debt. Use this calculation as a reference point before you submit an IRS Installment Agreement application.

IRS Option # 3: Currently Not Collectible Status

Currently Not Collectible status is an IRS program for taxpayers who cannot repay the IRS at all. If paying the IRS would create a financial hardship for you, you may qualify for Currently Not Collectible Status.

A word of caution before applying for this IRS program: The IRS considers you to be facing a hardship situation only if you cannot pay for basic living necessities if forced to make IRS payments. Basic necessities include rent, transportation to and from work, utilities, and grocery bills.

However, the IRS does not factor credit card bills, private school tuition, or "non-essential" items like cell phone, internet, cable, or more than one vehicle into their calculations, and will consider payments for those bills as income to pay your IRS debt.

The Truth about IRS Settlement Options

Many taxpayers hope to resolve their tax debt with an IRS Offer in Compromise. This is not a realistic alternative to pay your IRS tax debt. Keep in mind, only 14% of offers on average are accepted.

Using Professional IRS Assistance

It's hard to determine the best payment plan for your case without Professional IRS Assistance. A professional like a tax attorney or enrolled agent will carefully examine your case. Using the detailed data gathered, they can work on your behalf to find a Repayment Plan that will work best for your individual case. If you are having difficulty negotiating a settlement or payment plan with the IRS, contact us today. We will match you with experienced tax professionals who have helped over 21,000 tax debt cases since 1997. Fill out the form below, or give us a call today to resolve your back tax debt with the IRS.

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