The Internal Revenue Service (IRS) is committed to assisting you in resolving your unpaid taxes. They offer two tax debt relief alternatives tailored to your specific circumstances. If paying off your entire debt in one payment is not feasible, you have the option to establish an Installment Agreement with the IRS.
Referred to as the “Fresh Start Program”, this initiative allows you to make monthly payments over a period of five to six years. By enrolling in an Installment Agreement with the IRS, you can prevent the accumulation of interest, penalties, and the risk of asset seizure.
This possibility may be open to individuals whose tax debt falls below $50,000.
Under the Fresh Start Program, the IRS may grant you forgiveness for your tax debt if they deem it unfeasible for you to pay it off in one or several installments.
In certain exceptional circumstances, when all other avenues have been exhausted, the IRS may offer an opportunity called an Offer in Compromise (OIC), enabling you to settle your debt for less than the amount owed.
Delaying your communication with the IRS regarding your outstanding taxes will only lead to a further accumulation of debt, as the agency imposes penalties for each month of delay.
Your local government can also provide assistance for tax debt resolution. Numerous states have programs in place to facilitate the repayment of back taxes. Moreover, select cities and towns offer tax debt relief initiatives specifically designed for the elderly, disabled, and veterans.
In the event of credit card debt, you will need to engage directly with your creditors or enlist the help of a third party to liaise with them on your behalf.
By Admin –