Easy Tips On How To Get Help To Paying Off Tax Debt
If one owes money to the IRS, s/he must consider the issue seriously as failing to make the payments on the scheduled time leads one to face strict penalties.
Online, August 6, 2013 (Newswire.com) - Dealing with IRS tax debts has always turned out to be extremely stressful, especially when it comes to counting the late fees that gets piled on, once the payments are delayed. If one owes money to the IRS, s/he must consider the issue seriously as failing to make the payments on the scheduled time leads one to face strict penalties. Since managing such tax problems isn't the job of a novice, as several legal implications are involved, it's best to hire professional tax help.
Some easy tips to pay off tax debts would include:
Paying off the tax debt on one's own - Deciding whether one will handle the tax issues on his/her own or needs professional help largely depends on the total amount of the debt. If the amount that one owes to the IRS is less than $10,000, it is considered that the problems can be resolved without any professional guidance. It is advised to double check the original tax files as most often, people tend to overlook some of the deductions and if this is the case, one can reduce the payable amount further by amending the file. Moreover, one needs to choose the financial plan wisely and make sure that it suits his/her current financial situation perfectly.
Putting together an installment agreement - Setting up a monthly payment arrangement with the IRS is a good idea for those who can afford to send additional amounts of money every now and then, as that would help them to pay off their debts while keeping the situation manageable. The quicker the debt is paid off, the lesser these persons will have to pay towards late fees.
Filing bankruptcy - This could be the best bet for a person at times, though his/her financial situation should be assessed before proceeding with this step. To discharge tax debts, a person would need to file bankruptcy under either Chapter 13 or 7 rules.
Hiring a tax professional - If the payable amount is somewhere between $10,000 and $25,000 or even more than that, one should definitely seek professional help. It should be checked whether the professional is an enrolled agent, certified public accountant, or a tax attorney as these are the experts who are allowed to serve before the IRS. In order to get assured services, it is advised to look for tax help from reputed organizations like Goldburd McCone LLP, which has a group of experienced attorneys on board, who are well known for providing customized solutions to all their clients for any type of tax problems.