Manage what you Owe the IRS with these Great Tips!

What to Do When You Owe the IRS

owe irs helpWhether you just found out that you owe IRS taxes or they have been haunting your steps for years, it is never a bad time to take care of your debt. You may have seen the commercials promising tax debt miracles and wondered if they would take care of what you owe the IRS. Can you really settle what you owe the IRS for "pennies on the dollar"? The truth is there are many factors that influence how you can manage what you owe the IRS.

Real Steps That Work

There is no magical solution that will make what you owe the IRS disappear. If you owe IRS taxes, you shouldn't cut corners. The following steps will help you carefully get on the track to becoming tax debt free!
  1. Find out exactly how much you owe the IRS.

    Call the IRS or visit your local office, and get the most recent figure on what you owe the IRS. Would you be able to pay that amount today? Is there a way you could pay what you owe the IRS in two or three months? If the answer is yes, do it! You will save yourself a lot of money and heartache. If you can't, you need to move on to the next step.

  2. Find out where you are in the collections process.

    If you are at the beginning of the collections process and only getting letters stating that you owe IRS taxes, you will have the option to consider negotiating or filing for special tax programs. However, if the IRS is preparing a tax levy, you need to act fast to get into an official agreement. Trying to negotiate what you owe the IRS at this point, would more than likely be detrimental.

  3. Find out when your debt expires.

    Certain factors, such as filing for an Offer in Compromise or declaring Bankruptcy, can change this. However, for the most part, there are only 10 years to collect on what you owe the IRS. Conversely, this alters how much can be done about what you owe the IRS.

  4. Work out a payment plan or see if you qualify for any debt reduction tax programs.

    Research the IRS tax programs that reduce tax debt. You may be able to knock off penalties or prove that you would not have enough money to survive if you were collected from. To take care of your debt completely, you will need to pay off your debt with a payment plan.

  5. Do Regular check-ups.

    Tax season shouldn't be the only time you think about your taxes. If you tend to owe IRS taxes every year, you should look into why and prevent it going forward. If you are in a payment plan, is it still affordable? If the IRS has put you into a non-collectable status, has your income improved? Be proactive to prevent future tax problems.

If you owe IRS taxes, you need to get help. Consult a professional. Call now or fill out the form below for a free tax debt consultation on how to manage what you owe the IRS! 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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