| Growing and growing: Your debt's shooting up like a | | | | interest.) |
| weed. If you owe over $25,000 in debt, it probably | | | | Settle It: You can pay less than you owe. The "Offer in |
| didn't start that way. A small debt can grow to being a | | | | Compromise" program allows you to settle your debt. |
| hefty one, and fast. Why? Because the IRS imposes | | | | It's very hard to qualify for an "Offer in Compromise". |
| harsh penalty and interest fees. And they add up each | | | | You're going to have to painstakingly fill out pages of |
| and every month. If you don't act fast, your debt will | | | | paperwork with supporting documents to prove you |
| grow larger still. | | | | deserve to settle your debt. |
| Pay Monthly: You don't have to pay $25,000 in a lump | | | | Prove Hardship: Buy some time. Maybe you've got no |
| sum. You can pay the IRS monthly with an "Installment | | | | job, no money, and no assets. You could qualify for a |
| Agreement". But beware. This program is a binding | | | | "Hardship" or "Currently not Collectible" status. If you do, |
| contract. You are agreeing to pay a set monthly | | | | the IRS will give from six months to one year to |
| amount until your debt is paid. For instance, if say you | | | | straighten out your finances. But watch out, once the |
| can pay off your $25,000 dollar Tax Debt for three | | | | six month period is up, the collection efforts will |
| years, that's $694.44 per month (Plus penalties and | | | | continue full force. |