Tax Debt Settlement Options
If you owe back income taxes or can’t afford your current tax bill, the IRS has different tax debt settlement plans to fit your financial needs.
If you qualify, you may be able to settle or eliminate your income tax obligations through an Offer in Compromise, installment plan, innocent spouse relief, bankruptcy, or other method.
Not every option is available to all tax payers, and determining if an option is right for you depends on the status of your tax bill, your income, assets, and other factors.
Get help understanding your options by speaking with a tax attorney today. Simply fill out the free case review form below to get started now.
It can be difficult to decide which settlement plan is right for you and speaking to a tax lawyer who knows the ins and outs of the tax laws and settlement options may help make the process easier.
- Offer in Compromise: This tax debt settlement option allows you to settle your tax debt with the IRS for less than the full amount you owe.
- Penalty Abatement: This option allows you to request to reduce or even eliminate your penalties.
- Partial Payments/Installment Agreements: These are monthly payments that you set with the IRS to pay your tax debt over time.
- Innocent Spouse Relief: If you file your taxes jointly and you feel that your spouse, or ex spouse, misfiled or reported incorrectly you might be able to qualify for this tax settlement.
This can be tricky process to do alone and filling out the necessary paperwork and deciding which tax debt settlement program works best for your financial needs can be difficult.
You can consult with a local tax attorney who can advise you on your situation and file on your behalf. Click below for free consultation with a tax attorney in your area.
Click here for a free evaluation of your income tax liability