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If You Owe Taxes Then Utilize The Tax Debt Relief Options Existing

Author : Marta Lobo

It is not uncommon to hear that individuals are drowning in debt but you are not as likely to hear about the tax debts they have. Although these people might be open to seeking debt elimination programs they are not so prepared to look for tax debt relief. This might have to do with the image of fear that many imagine the IRS associated with it. However, many tax agencies, counting the IRS, are willing to resolve outstanding tax issues when the taxpayer is not in a place to pay their entire tax bill.

One only has to keep in mind that the IRS has a system in place that can determine the taxpayers capability to pay since they receive information on your income through W-2’s, 1099’s and other means. They are in a good position to assess your financial situation So when you seek out tax debt relief, the IRS has records and pretty much knows your position.

Some of the tax debt relief programs available include the following:

Installment agreement - This is a obvious repayment agreement that is finalized. involving you and the IRS. This is a great plan if you have the financial resources and your tax liability is not that high

Partial payment installment agreement – This involves making a monthly payment to the IRS for a definite period of time The difference between this agreement and a simple installment agreement is that you pay for the period of the agreement, not the whole amount owed. This method is available yo those the IRS deems that you are not to be able to pay the entire balance due

Penalty abatement – If you can show reasonable reason the IRS can forgive penalties and interest and their compounding. Reasonable cause includes, death, serious illness, injury, and situations out your control or simple things like lack of funds due to unemployment.

Innocent espouse – If you are able to show that your tax liability came from your spouse or ex-spouse whithout your awareness, you can get tax debt lowered or even removed. If you filed a joint return you must prove that your were not aware of the tax liability at time of signing

Just as with any other debt there are tax debt relief options available to you and you should take full advantage of them. Expert assistance is recommended since the tax code and laws are volumes and complex What you should not do is procrastinate since the debt will only grow due to interest and penalties and the IRS may seek other relief that harsher.

Author's Resource Box

Because of my background in the finance industry. I enjoy writing articles about Debt Credit Solutions and ways to achieve financial freedom. You can check out some of my other articles at Tax Debt Relief

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Tags:   tax debt relief, tax debt help

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Submitted : 2010-10-04    Word Count : 499    Times Viewed: 470