Viable Options For IRS Tax Debt Forgiveness AZ Experts Say Will Work
by Cynthia Peterson
Most Americans file returns and pay any taxes owed in full on or before the April deadline. The people who get into trouble are those who find they can't pay what they owe and do not file anything, hoping the Internal Revenue Service won't notice. This almost never works. Instead of having them seize your assets and sue you, you should try a plan for <a href="www.taxproblemresolutions.com/">IRS tax debt forgiveness AZ</a> experts say can work.
A guaranteed installment agreement is one of the easiest ways to pay taxes owed. This plan only applies to those who owe more than ten thousand dollars. You have three years to pay an agreed upon amount. During that time, the government won't file liens on your property.
Another installment plan that may work for you is the partial payment agreement. This is harder to get approved than the guaranteed agreement. If you owe more than ten thousand dollars, with no cash, or assets you could sell, and can prove it by providing comprehensive financial disclosure documents, the Internal Revenue Service may agree to this long term plan. You will only pay a percentage of the total you owe.
If you have a way to get some cash, an offer in compromise could be a viable option. Before you apply for the partial payment agreement, you should try this plan. You'll either make a lump sum payment or negotiate a short term payment plan. You'll only be paying a percentage of the total you owe. Once all the conditions are met, your back taxes will be wiped off the IRS's books.
You might qualify as not currently collectible. This means that the IRS has decided you do not have any ability at all to pay at the present time. They will back off for a year or so. In the meantime, you can try to file a collection appeal. If successful, this will keep the Internal Revenue Service from seizing your property, or placing liens against it. It will also stop the termination of an installment agreement.
A credit card settlement is one more option. You want to avoid the companies that say they can eliminate your debts by using their services. Most of them take your money without trying to settle with the IRS at all. This won't stop the collection notices, and your credit rating will suffer. You can work with your own credit card company to set up a settlement offer. You have to get everything in writing however.
Bankruptcy could be an option. Owing back taxes should not be the only reason you file for bankruptcy though. Unless you qualify under government guidelines, bankruptcy won't help you with your back taxes. If you qualify and file Chapter 7, you could wipe out all your tax debts. A Chapter 11 bankruptcy will eliminate a portion of the debt. You will still be required to pay the rest.
The best plan of all is to not get in this situation in the first place. If you don't have the money to pay your taxes when they are due, you need to face the problem head on. Attempting to avoid or evade the IRS is the wrong path to go down.
When you are looking for information about <a href="http://www.taxproblemresolutions.com">IRS tax debt forgiveness AZ</a> residents can come to our web pages today. More details are available at http://www.taxproblemresolutions.com now.
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New Unique Article!
Title: Viable Options For IRS Tax Debt Forgiveness AZ Experts Say Will Work
Author: Cynthia Peterson
Email: nathanwebster335@live.com
Keywords: irs tax debt forgiveness az
Word Count: 540
Category: Finance
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