IRS Tax Debt Problems can affect your wages, bank accounts, and your family, but most of the options that the IRS will provide to you may not seem the best fit for you. There are options in managing your IRS Tax Debt Problems, but you must carefully weigh each to ensure they will fit your long- and short-term goals.
IRS Tax Debt Problems strike fear into the hearts of many, but many options require you to
make some form of payments to the IRS for your back taxes. The first thing you should do is find out how much you can truly afford. The IRS offers a 433F , available online on the secure IRS website, that will help you determine what youractual monthly income and expenses truly may be. Using this, you can find amonthly payment amount that will not burden your budget or make you feel out of control with the debt. You will be required to provide your financial information to the IRS; however, this can actually save you thousands of dollars as most people do not have the ability to repay even 50% of their debt!
If the 433F is not your route, you can make arrangements with the IRS to resolve your IRS tax debt problems without providing any financial information. This can be done by filing a Request for an Installment Agreement, form 9465, also available online on the secure IRS website.
The form 9465 requires that your IRS tax debt problems total to less than $25,000, and you agree to pay the amount in full - however, you can save thousands of dollars in penalties and interest by utilizing this more aggressive repayment.
IRS Tax Debt Problems: Filing Tax Returns on Time
Many IRS Tax Debt Problems start by not filing your tax returns on time! The IRS will assess you a penalty each time your tax
return is filed late, and this can easily add up to thousands of dollars. Make sure you file your tax returns by April 15 th (for personal 1040's), or file an extension and file no later than October 15th. If you do prepare your returns and find you are going to owe, you can file an extension (form 4868) and make payments towards the amount that you will owe. This will help ensure that you not only save money on penalties but allows you to make
payments interest free!
IRS Tax Problems: Aggressive Collections- Protect Yourself!
IRS Tax Debt Problems can start out small with a late filing, or a small balance due. Once these issues are ignored, even for a small amount of time,
you can find that the IRS has gotten very aggressive. These collections efforts can entail wage garnishments, bank levies and property seizure. Bank Levies can occur every 21 days and will completely wipe out all your bank accounts and savings. Wage levies can take anywhere from 80% -100% of your take-home pay
each pay period! Most people can survive a few bank levies, but imagine living and supporting your family making only a meager 20% of your current earnings! If you would like to speak to someone regarding your IRS tax debt problems, fill out the form below or
contact us toll-free at . Our representatives will help you find the right people to get you back on the right track and solve your IRS Tax Debt Problems once and for all.
You can protect yourself and solve your IRS Tax Debt Problems by following these simple steps.
- File your tax returns on time or file an extension if you will not be able to make the filing deadline.
- Investigate your options for repaying any debt to the IRS and be sure to select the option that will afford you the best chance of success. Do
not be pressured into an agreement you cannot afford.
- Do not push IRS tax problems to the back burner! Penalties and Interest accrue daily. Each day you wait is potentially costing
you thousands of dollars.
- Make an arrangement before you find yourself dealing with a wage garnishment, bank levy or property seizure.
Don't let your IRS tax debt problems create more of a headache for you and your family. Remember, the IRS can garnish your wages or levy your bank accounts at any time! Get help from professionals who specialize in IRS Tax Debt problems by calling or filling out the
form below. You will be put in contact with a network of tax preparation professionals, tax attorneys, enrolled agents and tax specialists who know exactly how to put you into a resolution you can afford!