Having IRS debt is a stressful and overwhelming experience. The thought of dealing with the government and paying back a large sum of money can be intimidating, but it’s important to remember that you are not alone.
In this article, we will cover what you should do if you owe money to the IRS, the consequences of ignoring the problem, and how a tax relief professional can help you find the best IRS debt solutions.
If you are looking for a trusted and experienced tax relief agency to help you resolve your IRS debt, look no further than Palm Beach Tax Relief. Our team of tax relief professionals has years of experience negotiating with the IRS and finding the best IRS debt solutions for our clients. We understand the stress of owing money to the IRS and are here to help. Call us today to schedule a free consultation and find out how we can help you find the best IRS debt solutions for your specific situation.
Now, let’s delve deeper into what you should do if you owe money to the IRS.
Don’t ignore the problem – it’ll only get worse
When you owe money to the IRS, it’s important to take action as soon as possible. The longer you wait, the worse the situation will become.
The IRS has the power to take a variety of actions to collect the debt owed. This includes imposing penalties, filing tax liens, and garnishing your wages. These actions can have serious consequences such as damaging your credit score and limiting your financial flexibility.
The penalties will add up quickly, making your debt larger and even harder to pay back. Late payment penalties, for example, can be as much as 25% of your outstanding balance.
In addition, the IRS can file a tax lien on your property, which can damage your credit score and make it difficult for you to obtain loans or credit in the future. In some cases, the IRS may even garnish your wages, taking a portion of your paycheque directly from your employer.
It’s crucial to address your IRS debt as soon as possible before it spirals out of control.
Don’t speak to the IRS directly
Never speak directly to an IRS agent if you owe money to the federal government. IRS agents are trained to collect money and may not have your best interests in mind. They may pressure you into making a payment plan that you cannot afford or convince you to provide information that can be used against you in court.
Instead, consider working with Palm Beach Tax Relief to represent you in front of the IRS. We can help you understand your options and find the best IRS debt solutions. Our team can negotiate with the IRS on your behalf and even possibly reduce the amount you have to pay back.
Possible IRS debt solutions
One IRS debt solution is an installment agreement. An installment agreement allows you to pay back your debt in monthly payments over a set period of time. The IRS will determine the amount and length of your payments based on your income and expenses. The goal is to find a payment plan that you can afford and that will allow you to pay back your debt in full.
Another option is an offer in compromise. An offer in compromise allows you to pay back a smaller amount than what you owe to the IRS if you can prove that you cannot pay back the full amount. This option is best for those who have limited income and assets, and it can be a great way to resolve your debt quickly and efficiently.
If you are facing financial hardship and cannot afford to pay back your debt, you may qualify for a temporary delay in the collection process. This is called a currently not collectible status. If you are approved for this status, the IRS will stop all collection activities, including wage garnishments and bank levies, for a set period of time. During this time, you will not have to make payments, but you will still be responsible for paying back your debt in full.
Finally, if you are facing a tax lien or wage garnishment, our tax relief professionals can help you negotiate a resolution that is best for you. This can include negotiating a lower payment amount or potentially having the lien removed. These types of IRS debt solutions can provide much-needed relief and help you get back on track.
Get representation from a tax relief professional to find the best IRS debt solution possible
If you’re facing an IRS debt it’s important to know that you don’t have to face the IRS alone. In fact, trying to handle the situation on your own can often make things worse.
This is where a tax relief professional can help. A tax relief expert has the knowledge, experience, and expertise to represent you in front of the IRS and find the best possible solution for your unique situation. We can negotiate with the IRS on your behalf to lower your debt, reduce penalties and interest, and set up a payment plan that fits within your budget.
By working with us, you can feel confident that your IRS debt is in good hands. We’ll help you understand your options and make the best decisions for your financial future. And because we have experience dealing with the IRS, we know the ins and outs of the system and can help you avoid costly mistakes. So if you’re facing IRS debt, don’t panic. Reach out to Palm Beach Tax Relief for the IRS Debt Solutions you need to get back on track.