Home | Tax Blog | Tax Evaluation | Resources | Common Tax Questions | Back Taxes | Contact Us

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.

 
 
RSS

Subscribe Now
Social

Follow on FaceBook
News & Events
Monday, August 01, 2011

We are excited to launch our new site LeeTaxHelp.com.
Monday, September 05, 2011

If you think you might be need the advice of a Dallas Bankruptcy Attorney you can view on sister site at http://leebankruptcy.com
Categories
Back Taxes (5) General Tax Information (65) News (39) Payroll Taxes (5) Tax audit (10) Tax Debts (3) Tax deductions (16) Tax Fraud (4) Tax Laws (14) Tax Liens (10) Tax payment plans (14) Tax programs (21) Tax Scams (6) Uncategorized (2)
Recent Posts
Advantages of Using a Tax Debt Lawyer
Tax Debt Relief In 2014
Tax Debt Installment Agreements
Understanding the Five Tax Debt Strategies
Back Taxes: What You Can Do
Archives
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011