There are different reasons why you might have gotten delinquent in paying your taxes. Perhaps you haven't filed, so now owe back taxes. Even if you have filed on time, you might have found that your current tax bill is just too high for you pay all at once. Regardless of the situation, if you owe taxes that you can't pay, you can use tax debt negotiation with the Internal Revenue Service (IRS) to make paying easier.
The one issue that can't be negotiated away is the entire payment. One or another, the IRS will collect money owed to them. They use a variety of tactics, some more aggressive than others, to collect their money. Such tactics might be to put a tax lien on property you own or to garnish money directly from your wages.
So once you understand that you must find a way to pay your taxes, you can decide to negotiate with the IRS. This is a task you can take on yourself or hire a professional, usually a tax accountant, to do for you.
Once you begin negotiations with the IRS, it can take as must as a year to come to agreement. During the negotiations, the IRS might look at the current level of difficulty in your financial situation. For example, if you have many outstanding medical bills to pay or have been unemployed for awhile, the IRS might consider these facts.
The issues people negotiate during a tax debt negotiation can be a repayment schedule over time, and sometimes even the total amount to be paid. If a person can show serious financial hardship, the IRS may agree to reduce the total tax burden.
Once a tax debt negotiation is complete, the payment schedule usually begins immediately. However, if the person's financial condition continues to worsen, it may be possible to renegotiate an agreement that is already in place.
The one issue that can't be negotiated away is the entire payment. One or another, the IRS will collect money owed to them. They use a variety of tactics, some more aggressive than others, to collect their money. Such tactics might be to put a tax lien on property you own or to garnish money directly from your wages.
So once you understand that you must find a way to pay your taxes, you can decide to negotiate with the IRS. This is a task you can take on yourself or hire a professional, usually a tax accountant, to do for you.
Once you begin negotiations with the IRS, it can take as must as a year to come to agreement. During the negotiations, the IRS might look at the current level of difficulty in your financial situation. For example, if you have many outstanding medical bills to pay or have been unemployed for awhile, the IRS might consider these facts.
The issues people negotiate during a tax debt negotiation can be a repayment schedule over time, and sometimes even the total amount to be paid. If a person can show serious financial hardship, the IRS may agree to reduce the total tax burden.
Once a tax debt negotiation is complete, the payment schedule usually begins immediately. However, if the person's financial condition continues to worsen, it may be possible to renegotiate an agreement that is already in place.
No comments:
Post a Comment