If you owe the IRS back taxes and have no way to pay them off at the moment, there are many options available to you where the IRS will help you reach a mutual agreement that will provide you with tax relief.
Here are some of the options you have:
1) If you cannot pay the entire amount at once, you can apply for a monthly payment plan where you can pay off your debt in 5 years.
2) If you can pay a certain amount a month with the plan, but cannot pay it off in 5 years then you can apply for an Offer in Compromise (OIC). With an OIC, the IRS agrees to settle your tax debt for less than what you owe, requiring a short-term payment plan.
3) If you are unable to pay any amount towards your back taxes, you must present evidence of your inability to pay. You can ask IRS to declare your account as "currently not collectible". This way, the IRS will agree to stop collecting on the back taxes for a year.
At this point, you should seek IRS tax relief. You can do this at www.consultamerica.org where financial experts are ready to place you into a debt management program and help guide you to financial freedom.
Tuesday, July 26, 2011
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