February 29, 2024

Tax debt relief: How to resolve your debt with the IRS

Owing the IRS money may feel like a huge burden that ends up causing you to have a lot of stress. Fortunately, the situation probably isn’t as bad as you think, and there are some things that you can do about it. If you have tax debt, here’s how you can resolve it with the IRS.

File Your Return

Even though you may not have filed your taxes yet, you probably already know that you will owe the IRS money. This is common for those that have a business and haven’t set aside enough money for taxes. However, you shouldn’t delay filing your return because you think you can put off paying the debt back. If you just ignore it and don’t file your taxes, you will also have to pay a penalty for filing late. This will cause you to owe even more money. While seeing the actual amount of money that you owe them can be scary, it is better than just ignoring it and being hit with additional fees and penalties that you have to pay as well. It’s best to deal with the situation right away so that you can figure out how you are going to handle it.

Set Up A Payment Plan

There is IRS tax help available in the form of payment plans. Getting on a payment plan actually isn’t that difficult to do. You can apply online or by phone. Most individuals are surprised to find that the payments tend to be very affordable, and it doesn’t take a lot of time to get on a payment plan. Do keep in mind that interest will still be charged on the balance. Even if you are able to get approved for a relatively small payment, you should still pay as much money as possible every single month to avoid having to pay a lot of money in interest.

Get An Attorney To Help You

If you owe the IRS a lot of money, you may want to consider getting a tax attorney to help you. They may be able to negotiate a settlement with the IRS. If you are at risk of a tax lien, they may be able to keep this from happening as well. Many individuals find that the money they spend on a a tax attorney is worth it as the attorney was able to substantially reduce their IRS debt without a lot of hassle. When hiring an attorney to work with, you need to make sure that you choose one that has years of experience in this field and knows how to negotiate with the IRS.

If you owe the IRS money, you’re not alone. Many people find themselves in this situation, but there are options. Guardian Tax Law can help you. Call us today to set up a free consultation so that we can discuss your situation. We will use this information to come up with a plan to resolve your IRS debt.

Guardian Tax Law
310 S Williams Blvd Ste 260,
Tucson, AZ 85711
(520) 485-7371