Dealing with IRS tax debts can be a stressful problem. Here’s what one reader said about his tax debt problem:
“I owe the IRS about $30,000 for the last two years of tax returns. I have already filed the return, but I am considering the amending the return to take advantage of tax deductions I overlooked in my haste to file the returns quickly. I am also reading about Tax Amnesty. Are there special CPA’s out there who deal only with this scenario? I have seen a lot of ads promising tax freedom, but I don’t want to cheat the government or to reduce my debt to nothing. I just want to try as hard as I can to pay this. Where should I start looking?” Billy, Ohio
The problem that Billy and many others face can be easily managed using the following steps.
- Decide to handle this yourself or hire a tax professional.
- Double-check your original tax returns. If you overlooked some deductions, it will be worthwhile to amend your tax return so you can lower the amount you owe.
- Choose the tax debt plan that best suits your current financial situation.