IRS Debt Help

How Does Tax Debt Occur?

Tax debt occurs when someone doesn’t file their returns or pay their taxes. It happens easily enough, because there are no immediate consequences. If you don’t pay your mortgage, your bank calls with a reminder within a few days. On the other hand, it may take months or years before the IRS takes action.

Because of this slow response, many business owners omit filing. In some cases, they owe taxes but don’t have the funds to pay. Suddenly they may find themselves with a large tax debt, threats from the IRS and a short deadline. See below for some tax debt help suggestions.

4 Ways to Minimize Tax Debt

If you carry tax debt, there are a number of solutions available to you.

1. Check your previous tax returns to see if you missed any deductions. If so, you can amend the returns to reduce the taxes you owe. If you have not filed taxes, find every possible deduction.
2. Apply to the IRS for a Partial Payment Installment Agreement. This agreement gives you a long-term payment plan for paying off the IRS amount at a reduced dollar amount. The IRS forgives the remainder of the tax debt. The IRS offers this solution under stringent conditions.
3. Apply to the IRS for an Offer in Compromise. With this program, you pay a lump sum or make payments over a short period of time, paying only part of the amount due. Again, conditions apply.
4. File bankruptcy under a Chapter 7 or Chapter 13 bankruptcy petition. This, of course, works only if you meet the requirements of the petition.

Tax Debt Help for Debtors

Tax-Debt is usually accompanied with stress and anxiety, since, the IRS has enormous power. But the IRS can not kill you, and they will rarely put people in jail. (After all, you cannot make money there.)

Tax Matters Solutions specializes in getting their clients tax debt help. Their qualified CPA’s negotiate with the IRS on your behalf, based on your individual situation. As neutral third parties, they can help dissipate tension and establish a workable solution for you. As two partners with a strong support staff, they will always give you a quick response and undivided focus to resolve your tax issues as quickly as possible.

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