Did you know that you can undergo debt negotiation with the IRS? It seems that many people think Uncle Sam isn’t willing to budge when it comes to taxes. While you will have to pay your taxes, there are lots of IRS programs available to those who are struggling to do so. These programs can help you out by reducing (or removing) penalties and fines, and also by designing a payment plan that works with your situation!
Which one of the IRS programs you decide to use will be determined by a few factors: the amount of your debt, whether or not it was reported, and your income situation.
Offer in Compromise is one of the most popular IRS programs for taxpayers who are struggling to pay their tax debt. With this program, you can actually eliminate your tax debt by paying less than what you owe! There are several forms you have to fill out to see if you qualify for the Offer in Compromise program. Applying takes a little bit of commitment on your part, but the reward can be huge!
You also might qualify for an installment agreement. An installment agreement will allow you to move through the debt negotiation process by paying off your tax debt on more agreeable terms. You can usually get some pretty good interest rates on your installment agreement!
Debt negotiation doesn’t have to be overwhelming, and it definitely is possible! Visit www.irs.gov for more information about the debt negotiation possibilities that you might qualify for!