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10 Tips on How to Handle IRS Debt

by | Dec 20, 2018 | Firm News |

If you owe the IRS money, then you are probably in need of some serious relief. We get it; aspirin won’t do the trick this time.

Hopefully, this information on tax issues and how to work with the best tax attorney in the US will point you in the right direction for some fast relief for all your IRS Debt doubts and woes. Today we are going to tackle ten tips on how to handle your IRS Debt.

1. Monthly Payments

The first tip is not to be so afraid of the IRS, they offer monthly payments according to your budget and can be quite reasonable. Head to the IRS’s website, search installment agreement in the website’s search bar, and bam you are halfway there my friend.

2. The Great Compromise

Okay, this isn’t the Great Compromise of 1787, but it is your money! Next, we’ll move on to the second tip. The IRS will allow you to submit a form called “Offer of Compromise,” and if you qualify you, may be able to settle your debt at a lower cost!

3. No Money, No Worries

Next up, if you can prove to the IRS that you do not have enough money in your bank account to pay them without going flat broke you have options! The IRS will not force you to pay any money if it means that you or anyone close to you has to dive below the standard of living and drown.

4. Remove Penalties

Tip number four is that you can file a penalty abatement! Filing a penalty abatement can be great news if you are facing any tax penalties. Depending on the type of debt you are in, you may even qualify to have all your penalties removed.

5. IRS Entangled in your Wages

Tip number five is for those of you who have a levy on their waged from the IRS. Levy’s can be harsh on your standard of living, luckily if fought for the wage garnishment can be lifted.

6. Bankruptcy

Another tip is filing for bankruptcy especially if you are in serious debt. This tip could save you a lot of sleepless nights. Bankruptcy allows the sum of your obligations to be forgiven.

7. Claim Innocent

Tip number seven your spouse might holler at your for, but it is possible to claim innocent if you and your spouse have a joint income account — this way the debt falls on the party that is responsible.

8. Expiration Dates

Just like your food, the IRS has an expiration date. This 10-year window could provide you with an opportunity if you talk to an experienced IRS Debt Relief attorney.

9. Lump Sum Payments

If you owe the IRS money from years ago but now can pay off your debt in full, a lump sum payment may be an option for you.

10. Talk to a Professional

The last and final tip is to talk to a professional IRS debt relief attorney. A debt relief attorney is an experienced, licensed professional that will come in handy, and relieve your worries when it comes to this complicated matter. Call an attorney today, and find out why people around the U.S. trust a legal team during some of the most difficult and stressful times of their life. We are here to help you.

Terenzini & Lucero, LLC.

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