Tax debt can be stressful to deal with. Here’s some helpful tips on setting up payment plans, requesting affordable installment agreements, reducing your tax debts through an Offer in Compromise, or discharging your tax debts through bankruptcy.
The IRS often files tax liens when an outstanding federal tax has not yet been paid in full. Taxpayers who owe the IRS can protect themselves and their credit by taking steps to prevent a federal tax lien from being filed. After a tax lien has been filed, it may be possible to get the lien withdrawn or released.
A monthly payment plan is generally the easiest way to set up an arrangement to pay off any taxes owed to the Internal Revenue Service. There’s four different types of installment agreements offered by the IRS. The important thing is knowing which installment agreement you qualify for.
IRS Proposed Assessments and Substitute Tax Returns
Sometimes the Internal Revenue Service will take educated guesses about how much taxes a person might owe. These educated guesses are called “proposed assessments.”
Before You Apply for Tax Amnesty
Find out what tax amnesty is all about, especially the difference between limited-time-only amnesty programs and on-going voluntary disclosure initiatives. Get tax relief for those tax returns you haven’t filed, or back taxes you are trying to pay off.