Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Top 3 Ways to Get IRS Tax Debt Relief

By Jacob Smith Subscribe to RSS | February 4th 2012 | Views:
loading
 
  



A lot of people seek tax debt relief because they have problems paying their taxes to the IRS. You must know that you are not alone in this and that there are a lot of people who are facing the same income tax debt related problems. The IRS offers several options to you so that you can pay your back taxes, but you must be able to qualify for these options. The IRS has set its own eligibility criteria which you must qualify in order to benefit from the IRS debt relief options that the IRS may be offering you. One thing you must remember is that the IRS is the toughest collection agency and it can go to great lengths to get you to pay the money you owe, and also, occasionally, more than what you owe. It is always advisable that you file your tax returns before the IRS can file yours because that is when you get into trouble for being delinquent.

Here are the top 3 options in how you may seek IRS tax debt relief:

1. An Offer in Compromise. This is the most sought out tax debt relief option and is also considered as one of the “easier-said-than-done” options. It is important that you do your own bit of research to see if you qualify for this debt relief tax option because if you do, you may want to be aware of what the procedure involves. To be considered for this offer you must be in good standing with the IRS with no other back taxes pending. The IRS will offer any kind of relief for your IRS tax debt only if they are convinced that you are in some sort of financial distress. Several events can render you financially weak. There might have been a death in the family,the loss of a job, any kind of serious illness, natural disaster, or military deployment in your family may cause financial distress as well, and you may be eligible for tax debt relief. Getting help from a professional is probably the best thing you will do at this stage because only a professional knows what it takes to negotiate with the IRS to get a tax debt settlement. You could seek help from a tax attorney or a Certified Tax Resolution Specialist and they can convince the IRS that it cannot get any more money out of you than what you owe, even if they pursue forced collection efforts. With an Offer in Compromise, you can get IRS debt relief for less than the money that you owe. However, this kind of tax debt settlement may require you to pay a lump sum amount at once.

2. Installment Agreement. When you have problems with your income tax debt, this is another option you may choose. If you are not able to pay all your taxes at once after the settlement you can get debt relief tax through the installment method if you qualify for this program. However, if you do qualify, you must comply with the rules of this relief option, and you may ask a professional attorney to help you.

3. Lump sum IRS payment. This is also one way to get rid of your IRS tax debt. It is also the quickest one where you are required to pay a certain fixed settlement amount as a lump sum,including the penalties and interests.

Jacob Smith - About Author:
Jacob Smith is a contributing writer for New Life Tax Relief on tax debt settlement and a senior debt analyst.He writes mostly on IRS tax levy, tax debt help, tax debt relief.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/finance-articles/top-3-ways-to-get-irs-tax-debt-relief.htm

Related Finance Articles Subscribe to RSS

Consultants for debt consolidation
Published by Rajkumar Kaushal on May 17th 2012 | Finance
Debt settlement has something to debt management for debtors. Debt consultants make the whole differ...
 
Process of debt recovery in turkey within the Turkish law
Published by Rosa on November 26th 2011 | Finance
The process of debt recovery in turkey follows the Turkish Enforcement Law. Any legal entity in fore...
 
Consumers of debt settlement
Published by Rajkumar Kaushal on May 17th 2012 | Finance
Exceptionally debt management and firms Debt information has become synonymous with keeping people. ...
 
Counseling debtors during debt settlement
Published by Rajkumar Kaushal on May 19th 2012 | Finance
When you are about planning for Counseling in debt settlement and debt activities, it is important t...
 
How to choose the right debt management company
Published by James Falla on November 30th 2011 | Finance
There are many different debt management companies. We suggest the things you should consider when ...
 
The best debt consolidation advice
Published by Fresh Finance on January 19th 2012 | Finance
Many cases of multiple charges, including credit card charges, economical credit score items from lo...
 
How to make use of debt settlement rating
Published by Rajkumar Kaushal on April 27th 2012 | Finance
In the beginning of debt settlement history, debt Settlement rated was unheard of until now. You mi...
 
Settlement of debt in America
Published by Rajkumar Kaushal on June 23rd 2012 | Finance
Getting settlement in America when it comes to credit card is not very easy sometimes because of the...
 
Understanding Christian and credit card debt settlement organizations
Published by Julia Roger on December 14th 2011 | Finance
With increasing debts among the majority of the population, people have started to seek professional...
 
What is debt advice UK and just how can one get this service?
Published by Deby Suportie on February 15th 2012 | Finance
Debt advice UK has aided many people affected by their debts. Through the years, providers have been...
 
Setup your own backend debt settlement office
Published by John Taylor on December 26th 2011 | Finance
It’s best to pass on all your tax settlement issues to a competent tax settlement backend. These b...
 
Preferred Stock- Personal debt and Equity
Published by Isol on August 13th 2012 | Finance
Preferred stock options executes some degree associated with title in a company but by natural means...
 
Bank debt settlement in America
Published by Govindsingh on June 26th 2012 | Finance
For you to get out of debt settlement bad during settlement of debt in bank is very important. Cashl...
 
How to live free of debt in California
Published by Rajkumar Kaushal on May 15th 2012 | Finance
You must have seen debt settlement tips today or days back online. This is debt information for the ...
 
Maryland debt settlement centers
Published by Rajkumar Kaushal on May 30th 2012 | Finance
Maryland Tips and management in debt settlement centers is one of the management of debt that Tips a...
 
Caravan Loans - Helps You to be in debt Caravan Loans
Published by Mark Fulton on February 3rd 2012 | Finance
Caravan Loan is extremely well-liked these days, insist in increasing and is basically liked car fi...
 
How can I get Debt Reduction? How can a debt plan help me repay my debts?
Published by Deby Suportie on March 28th 2012 | Finance
Debt reduction is a program provided by debt companies so that those who are struggling with debts c...
 
Dumfries and Galloway debt figures reach record level
Published by Jack Gray on February 1st 2012 | Finance
A report by Citizens Advice Service was brought out a shocking number out of the people who are into...
 
Simply what does debt elimination signify and how can debt management programs help you become free of debt?
Published by Deby Suportie on April 4th 2012 | Finance
Debt elimination is a service given by debt management plans to provide assistance to those who are ...
 
Stay away from the traps of the student debt
Published by Peter Paul on December 15th 2011 | Finance
The student debt can be avoided at all costs. Here are some tips to stay away from the traps of the ...