| IRS debt relief can come in many forms. For instance, | | | | · Discharge - if you are in dire financial circumstances, |
| you can have a partial payment agreement, installment | | | | the IRS may discharge your entire balance under |
| agreement, settlement, payment freeze or complete | | | | bankruptcy. |
| discharge. These options can help you better manage | | | | As you can see, having IRS debt relief can help you |
| your finances and your tax liability. | | | | reduce the stress that is associated with owing money |
| Tax debt can be the end result of back taxes, an audit | | | | to the government. You will be able to sleep at night |
| or a year-end tax return liability. Whatever the reason | | | | knowing that your income will not be garnished and |
| for your tax debt, IRS debt relief will attempt to help | | | | that your home will not be taken away because of |
| you negotiate for better terms with the IRS. Depending | | | | liens. |
| on your specific financial circumstances, a tax | | | | It is important that you use a tax professional that is |
| professional may be able to help you obtain a course | | | | licensed and experienced. Resolving your tax issues |
| of action that is right for you. Each option is outlined | | | | directly depends on the type of IRS debt relief help |
| below: | | | | that you receive. You need an individual that will fight |
| · Partial Payment Agreement - this is used when a | | | | for your rights and has a high rate of success. You will |
| taxpayer can pay a portion of their tax debt, but need | | | | want an advisor that understands the ins and outs of |
| to have an installment plan for the remaining balance. | | | | the tax industry because they need to be |
| · Installment Agreement - taxpayers that cannot | | | | well-acquainted with IRS procedures and processes. |
| make any upfront payments can take their entire | | | | Trying to deal with the government by yourself is |
| balance and spread it out over monthly payments. | | | | stressful. Making a mistake could potentially increase |
| · Settlement - also known as an offer in compromise; | | | | your liability through more tax penalties and interest. |
| it allows you to settle your outstanding debt for a | | | | This is why it is so important that you obtain the |
| fraction of the balance. You will have to pay it in one | | | | services of a tax expert. You will be able to rest easy |
| lump sum or in a few installments. | | | | knowing that you are in good hands and that your |
| · Payment Freeze - also known as a currently not | | | | case will be handled appropriately. IRS debt relief could |
| collectible agreement; the IRS agrees to avoid | | | | be the answer that you are looking for. You should not |
| collection of your outstanding balance for a set amount | | | | hesitate to contact a tax professional if you have an |
| of time. | | | | unpaid tax liability. |