Do You Have Tax Debt?

Tax debt resolution can be important for people with financial hardships because it can keep them from choosing between paying tax bills and covering expenses like rent and food. The Internal Revenue Service (IRS)’s end goal is to receive your tax payment, but the agency recognizes that there are certain circumstances in which paying your tax bill is not possible.

If you find you are struggling or unable to pay your tax bill, is time to find a tax professional to help you find a tax relief. Tax debt resolution is a blanket term describing several actions you may be able to take to resolve your tax debts, often with the assistance of a tax professional. Depending on your current financial situation and reason for seeking tax debt resolution, some of the most common options include:

  • Applying to have your payments paused.
  • Setting up a payment plan.
  • Negotiating to pay a lower amount than the total you currently owe.

Resolve your Tax Debt Quickly

Resolving your tax debt sooner than later has several benefits. Minimizing the amount you may need to pay in interest can save you money over time.

In certain circumstances, a tax professional may be able to lower the amount you owe to one you are able to pay off in one lump sum instead of setting up a payment plan, which can help you return to saving your typical amount of money sooner instead of having to put it toward monthly payments.

Options for Resolving Your Tax Debt

Once you have committed to resolving your tax debt, you should plan to set up a meeting with a tax professional as soon as possible to discuss your financial situation and determine which type of resolution may be your best option. There are several types available, such as:

  • Currently Not Collectible (CNC) Status
  • Federal Tax Lien/Levy Assistance
  • Penalty Relief
  • Offer in Compromise (OIC)

Seek Help From a Tax Professional To Resolve Your Debt

Navigating the options you may have available to resolve your tax debt can be challenging. Fortunately, you do not need to decide on your own. It can be helpful to go into your first meeting having already done some research but working with a tax professional throughout the process will help you choose the best option for your financial situation, avoid mistakes when filing necessary paperwork, and ensure the process goes as smoothly as possible.

I will gladly answer questions about tax debts relief and representation before the IRS. I encourage you to contact and schedule an appointment.