IRS Tax Debt - Owe the IRS Over $25,000? 3 Ways to Eliminate Your IRS Debt
Growing and growing: Your debt's shooting up like a weed.
If you owe over $25,000 in debt, it probably didn't start that way.
A small debt can grow to being a hefty one, and fast.
Why? Because the IRS imposes harsh penalty and interest fees.
And they add up each and every month.
If you don't act fast, your debt will grow larger still.
Pay Monthly: You don't have to pay $25,000 in a lump sum.
You can pay the IRS monthly with an "Installment Agreement".
But beware.
This program is a binding contract.
You are agreeing to pay a set monthly amount until your debt is paid.
For instance, if say you can pay off your $25,000 dollar Tax Debt for three years, that's $694.
44 per month (Plus penalties and interest.
) Settle It: You can pay less than you owe.
The "Offer in Compromise" program allows you to settle your debt.
It's very hard to qualify for an "Offer in Compromise".
You're going to have to painstakingly fill out pages of paperwork with supporting documents to prove you deserve to settle your debt.
Prove Hardship: Buy some time.
Maybe you've got no job, no money, and no assets.
You could qualify for a "Hardship" or "Currently not Collectible" status.
If you do, the IRS will give from six months to one year to straighten out your finances.
But watch out, once the six month period is up, the collection efforts will continue full force.
Final Warning: If you've been ignoring your IRS debt, your used to getting notices in the mail.
But watch out for a notice that says " Final Notice of Levy".
If you get this letter in the mail, you can kiss your bank account or your paycheck goodbye.
Uncle Sam is tired of waiting.
He wants his money.
Act fast to make sure your money isn't seized by force.
Exclusive Club: I'm not going to mislead you.
It's hard to qualify for these programs.
You will have to prove without a shadow of a doubt that paying your debt will cause you to go without basic necessities.
So double check your paperwork and make sure you filled out everything.
One mistake and you could be denied.
Now You Have The Smoking Gun...
Use it!
If you owe over $25,000 in debt, it probably didn't start that way.
A small debt can grow to being a hefty one, and fast.
Why? Because the IRS imposes harsh penalty and interest fees.
And they add up each and every month.
If you don't act fast, your debt will grow larger still.
Pay Monthly: You don't have to pay $25,000 in a lump sum.
You can pay the IRS monthly with an "Installment Agreement".
But beware.
This program is a binding contract.
You are agreeing to pay a set monthly amount until your debt is paid.
For instance, if say you can pay off your $25,000 dollar Tax Debt for three years, that's $694.
44 per month (Plus penalties and interest.
) Settle It: You can pay less than you owe.
The "Offer in Compromise" program allows you to settle your debt.
It's very hard to qualify for an "Offer in Compromise".
You're going to have to painstakingly fill out pages of paperwork with supporting documents to prove you deserve to settle your debt.
Prove Hardship: Buy some time.
Maybe you've got no job, no money, and no assets.
You could qualify for a "Hardship" or "Currently not Collectible" status.
If you do, the IRS will give from six months to one year to straighten out your finances.
But watch out, once the six month period is up, the collection efforts will continue full force.
Final Warning: If you've been ignoring your IRS debt, your used to getting notices in the mail.
But watch out for a notice that says " Final Notice of Levy".
If you get this letter in the mail, you can kiss your bank account or your paycheck goodbye.
Uncle Sam is tired of waiting.
He wants his money.
Act fast to make sure your money isn't seized by force.
Exclusive Club: I'm not going to mislead you.
It's hard to qualify for these programs.
You will have to prove without a shadow of a doubt that paying your debt will cause you to go without basic necessities.
So double check your paperwork and make sure you filled out everything.
One mistake and you could be denied.
Now You Have The Smoking Gun...
Use it!
Source...