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Tax Debt Relief In 2014

January 6th

If you owe back taxes to the IRS, you are not alone. With the decline of the economy over the last few years, Americans in all tax brackets have found themselves owing the government significant amounts of back taxes. What are your options? The good news is that there are a few different methods for getting rid of your tax debt. Here is a look at three options that you should discuss with a tax debt attorney:

Offer in Compromise

You must be careful about this option, but an offer in compromise can be a fantastic way to pay back taxes. The OIC program works by reducing a person’s tax debt through a settlement. This settlement is based off of the amount of back taxes owed by the person and their income, assets, expenses, etc. These deals are often times too good to be true, but if you find one that works, it may be your best option. Be prepared to pay a high initial payment.

Installment Agreement

This tax debt relief option should always be considered. Unless another option is perfect for your situation, this will likely be your best option for paying off back taxes. The benefits of an installment agreement are easier payments, reduction in IRS letters and calls, and availability. Just remember that interest will continue to accrue over the life of your installment agreement.

Filing or Amending Past Tax Returns

If your liability was overstated on your original tax return, filing an amendment may be a good way to reduce that liability. This is a strategic option that must apply to your specific situation. You will likely need to speak to a tax code expert to understand how it could work for you.


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