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IRS Tax Debt Solutions

Owing tax debts can be quite stressful. However you try, the IRS will possibly never let you go unless you pay what you owe to them. Are you facing trouble with tax debts and frantically looking for some tax debt help? Then, here are some tax debt solutions that you can consider and unburden yourself.

Use your savings or take out a personal loan

If you have a decent savings in your account, then it would be wise to use it for paying your tax obligations. If you pay your tax balance in full, you will not have to pay any interest and penalties, which will make your payment more convenient. In fact, it is more logical to part with a portion of your savings than to withhold your tax obligations. You can also take out a personal loan for paying your taxes. If you borrow against your home to pay your taxes, then the interest you pay will be tax deductible.

Request for an extension

If you think you cannot pay your taxes by the due date, then you can request the IRS that they extend your time limit. But, do request before April 15; otherwise your request will not be granted. The extension can be around 30days to 120 days, depending upon your situation. But do try to pay as early as possible in order to lower your interests and penalties.

Installment Agreements

If you have relatively huge tax debt to meet and you could not pay it even after a 120 day extension, then installment agreement is one of the best things that you can opt for. When you request for an installment agreement, the IRS reviews your financial condition and then devises a payment plan accordingly, so you can pay off your tax obligation in installments. It will require you to pay interests. But it will also legally extend the time limit for payment. Besides that, you should also avoid defaulting on your payments when on an installment plan; otherwise the IRS might cancel the agreement.

Offer-in-Compromise

It is close to a settlement proposal that you make to normal commercial creditors in order to get your obligations reduced. The only difference between a normal settlement offer and offer-in-compromise is that you make the latter to the IRS. On making the offer, the IRS looks into your financial standing and other requirements and then accepts or rejects your offer.

Tax debt solutions abound, but what is important is to get hold of the option that is best suited to your circumstances. So, whenever you find yourself stuck in tax debt issues, do consult an experienced tax expert right away and take an informed decision.

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