Most people have strong feelings about the Internal Revenue Service. Most of those feelings are negative. Many fear it, and the power it has to disrupt lives. Others resent it for taking hard earned money out of their pockets. Then there are those who actually owe it money and live every day with the dread of what might happen. You may think you will never be able to get out of debt once you have passed the deadlines and haven't paid the taxes you owe. There is affordable tax relief available however, for people in all kinds of situations.
People fear the IRS for good reason. If you don't pay your taxes on time, you may end up paying penalties, interest and fines. IRA agents are more likely to audit you in the future. They have the power to garnish wages, which can endanger your livelihood. They have the ability to take your home and any other assets you possess. If they contact your bank, any money in your checking and savings accounts can be frozen and turned over to them within twenty-one days.
You don't have to lose everything to the IRS however. Once you have received some sort of correspondence from them informing you of a potential investigation, you should take it seriously. Ignoring written notifications from the Internal Revenue Service is a mistake. One of the easiest ways to pay the agency what you owe them is to come to an installment plan agreement. In this way, you will pay a set amount every month, just like a credit card, until you have paid off the debt.
If you can get enough cash to pay them a lump sum or offer to pay the total over a short span of time, you might be able to reduce the amount you have to pay. In addition to paying less than you owe, you will have the added advantage of saving money that would otherwise go to penalties and interest.
If you prove you have no way to pay them, you may be considered by the Internal Revenue Service as currently not collectible. Persuading them will reduce the chances that they try to seize any assets you might have and give you a chance to come up with a plan.
There are such things as credit card debt settlement companies that market to individuals in trouble with the IRS. This may or may not be a good idea. If you decide to use their services, be sure you get all the agreements in writing.
Under certain circumstances you can be relieved of your IRS debt by filing bankruptcy. You shouldn't file though unless you know you qualify under the bankruptcy code. When you're the spouse of someone who owes back taxes, you may come under the IRS's innocent spouse guidelines and not be held responsible.
Filing your taxes on time and paying anything you owe is the best way to stay out of trouble with the IRS. If you need help, you should contact them immediately.
People fear the IRS for good reason. If you don't pay your taxes on time, you may end up paying penalties, interest and fines. IRA agents are more likely to audit you in the future. They have the power to garnish wages, which can endanger your livelihood. They have the ability to take your home and any other assets you possess. If they contact your bank, any money in your checking and savings accounts can be frozen and turned over to them within twenty-one days.
You don't have to lose everything to the IRS however. Once you have received some sort of correspondence from them informing you of a potential investigation, you should take it seriously. Ignoring written notifications from the Internal Revenue Service is a mistake. One of the easiest ways to pay the agency what you owe them is to come to an installment plan agreement. In this way, you will pay a set amount every month, just like a credit card, until you have paid off the debt.
If you can get enough cash to pay them a lump sum or offer to pay the total over a short span of time, you might be able to reduce the amount you have to pay. In addition to paying less than you owe, you will have the added advantage of saving money that would otherwise go to penalties and interest.
If you prove you have no way to pay them, you may be considered by the Internal Revenue Service as currently not collectible. Persuading them will reduce the chances that they try to seize any assets you might have and give you a chance to come up with a plan.
There are such things as credit card debt settlement companies that market to individuals in trouble with the IRS. This may or may not be a good idea. If you decide to use their services, be sure you get all the agreements in writing.
Under certain circumstances you can be relieved of your IRS debt by filing bankruptcy. You shouldn't file though unless you know you qualify under the bankruptcy code. When you're the spouse of someone who owes back taxes, you may come under the IRS's innocent spouse guidelines and not be held responsible.
Filing your taxes on time and paying anything you owe is the best way to stay out of trouble with the IRS. If you need help, you should contact them immediately.
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