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Understanding the Five Tax Debt Strategies

December 9th

Owe the IRS a substantial amount of money? Decided it is finally time to talk with a tax debt lawyer about your existing tax debt? The good news is that you have options when it comes to your situation. By speaking with a reputable tax debt lawyer, you can learn about the five different tax debt strategies often used by people in your same position. Here is a brief overview of the five strategies:

Installment Agreement

The installment agreement is simply a monthly payment plan for paying off your tax debt to the IRS. This is usually the easiest strategy available.

Partial Payment Installment Agreement

If you have some of the funds to pay back your tax debt, but not all, a tax debt lawyer may advise you to go with this strategy. Under this plan, you will set up a long term payment plan to pay off the IRS at a reduced amount.

Offer in Compromise

This is another option for those with the ability to pay back some of the tax debt, but not all. Under this strategy, you will make a lump sum or short term payment plan to pay off the IRS at less than the amount you owe.

Not Currently Collectible

This is an IRS program where they agree to not collect on your debt for a specified amount of time. A tax debt lawyer is likely to suggest this when the party does not have the financial ability to pay in the near future.

Filing for Bankruptcy

The final strategy is to simply file for Chapter 7 or 13 bankruptcy and discharge your tax debt under the applicable rules.

 
 
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