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Great Advice For Help In Tax Debts

Aug 6, 2008
The government isn't your average debt collector. Indeed, they have many means of obtaining tax debts that consumers might not view as incredibly friendly. To keep the IRS off of one's case, however, is going to take some tax knowledge. Luckily, such tax knowledge can be easily found for those who seek it.

Whether or not an individual needs professional help with their tax debts is usually decided upon by the amount they owed. If the amount is considered a petty debt, usually under $10,000, then the individual will be able to handle the situation by themselves if they would wish it. Debts greater than this amount but lower than $25,000 would warrant the need of a tax professional, while debts greater than this consider professional help mandatory.

An installment agreement is going to be the best option out. An installment agreement is just like any other loan- the individual will have to pay a monthly fee in order to pay the debts off. This allows the debts to be paid over time, instead of all at once. This is a great option for anyone who can't get a loan or can't afford to part with a large amount of money all at once.

Compromises are somewhat rare, but very possible. Tax debts can be settled with the IRS for less than what the individual owes, but this is going to require a few things. This may include a long term payment plan, a large upfront lump sum, or any number of other options. Consult the IRS for more information on the specific benefits.

If the consumer is looking to get the IRS from calling them and annoying them each and every day, the consumer should look towards the "not currently collectible" agreement. This agreement forbids the IRS to contact the consumer for a specified amount of time, usually a year, but only select individuals may apply.

Lastly there is bankruptcy, although it is a decision that isn't going to come as easy. All debts can be settled by filing for bankruptcy, but keep in mind that bankruptcy will ruin one's credit rating for a good decade. If one is interested in this option, they should make sure that there is no possible way their income can't supplement their debts.

Final Thoughts

No one likes being in debt, and this is more true when one owes the government money. To get out of the hole, consumers are highly recommended to visit local tax specialists, consult online lenders, and even consult the IRS themselves for options in getting out fast.
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