So, you’ve found yourself in a financial pickle. Sometimes life happens and you end up owing Uncle Sam more money than you realized. No matter how much tax debt you’ve incurred with the IRS, this is not the kind of problem you can ignore. Whether you can’t afford to pay, or even contract COVID-19, Uncle Sam is not a very forgiving kind of guy. That’s why you need a professional to help guide you through an IRS Debt Forgiveness Program. Let’s take a look at 3 quick steps that will help annihilate any burdensome tax debt.
File Your Taxes Anyway
This is a must. Even if you know that you can’t afford the hefty bill, it is imperative that you still file your taxes and do so on time. When it comes time to negotiate, you want to show the IRS that you are a willing and law-abiding participant. Never forget to file your taxes.
Pay Something, Anything
Now, let’s look at how you are going to achieve tax relief. The best thing to do if you are unable to pay your tax debt in full is to start a payment plan to pay it back.
Does your mountain of tax debt seem too hard to ever climb? You may qualify to settle with Uncle Sam for less than the amount owed. Have a professional help you settle on your behalf.
There is one more way to achieve immediate tax relief. If you are able to prove that paying your tax debt will affect your ability to cover your basic needs such as food and shelter, the IRS will allow you to delay payment. This is a good way to provide instant relief, however, it does not eliminate the debt. You will incur interest and fees but can get a momentary reprieve.
Hire Someone Qualified to Help
Don’t try to navigate these tax issues alone. You need a firm like our pros at Ideal Tax Solution to negotiate and be in your corner. We can settle your tax debt; set up a payment plan or help you delay your payment legally.
Owe more than $100,000? Then you absolutely cannot proceed without professional intervention. Regardless of the amount owed, Ideal Tax Solution will advocate on your behalf and get you the best outcome possible. Contact us now. Tax help is on the way!
The content of this post is not intended to replace the advice of a licensed tax professional. Consult a qualified tax professional for questions specific to your individual circumstances.