Can’t Pay Back Taxes? Get Help

Can’t Pay Back Taxes – Get Help

Can't Pay Back TaxesThere are a lot of people who can’t pay back taxes to the IRS. If you think you are the only one who cannot remit payments, think again because it is estimated that more than ten thousand people owe taxes to the IRS every year. As your unpaid taxes pile up annually, the interest and penalties also increase. The more you run away from this problem, the more money you owe the government, and the more the IRS will have grounds to run after you. But did you know that if you coordinate with the IRS to solve your unpaid taxes, they will gladly help you out and find a way for you to pay your tax debts?

The IRS is also concerned about the citizens’ welfare, and they do have solutions to offer people who can’t pay back taxes. One advice the IRS gives to their clients is to pay the whole tax debt at one time. This will avoid additional delays and interests caused by procrastination. If you have a huge tax debt, one strategy is for you to apply for a home equity loan for you to pay the whole amount. The monthly amortization of this will be a lot lower than the extra fines and penalties incurred by the debt.

Professional Help When You Cant Pay Back Taxes

When you (and your tax attorney) confront the IRS and tell them your dilemma, they may advise an IRS installment agreement for you to make monthly installments with them instead. They actually have a program wherein taxpayers who can’t pay back taxes divide their tax debt into equal monthly installments for a period of 3 years or less. The IRS would settle for this rather than not being able to receive remuneration at all.  If you can also prove to them that you do not have enough means to pay your tax debt now and in the future, they will allow you to give a reduced amount instead –known as an offer in compromise. You can also file for an extension to pay where you commit to give the needed amount after such time when you can raise enough money.

Can’t Pay Back Taxes - Thinking Out-Of-The-Box

This may sound extreme but while may think you do not have money at all and can’t pay back taxes you owe the IRS but if you go through your house there are some things you no longer use that you can sell. Try checking if there is a neighborhood garage in your area and see if you can participate. If there isn’t any, organize your own because people love going through garage sales and getting cheap stuff. You can also advertise on the internet things that you would like to sell because there are websites that do this kind of business. Without you knowing it, you may even make more money needed to pay your taxes.

The IRS is there to help taxpayers come up with solutions in addressing unpaid taxes. What is important to them is that the taxpayer is responsible enough to face them and look for answers to the problem. If you can’t pay back taxes, don’t run away from the problem; rather, speak with a tax professional at Tax Slashers, the people who will help you solve the problem.

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