Help with Tax Debt
- Things to know before deciding on an option.
- Options to consider.
- Determine your ability to pay.
Know - The more you know about your tax debt, the better prepared you will be to decide how to pay. Things like the reason you owe taxes, the balance owed and is there a lien filed will help you determine your best course of action for tax relief.
Options - Everyone has the opportunity to resolve their tax debt in one of six ways. While some tax relief options take time, others are quick to set up. However you decide to resolve the taxes owed, it is highly recommended to contact the Internal Revenue Service or Franchise Tax Board to prevent more tax problems like levies and liens.
Pay - Knowing how much you can or cannot afford to pay is key in resolving your tax debt. This will help you decide on whether to full pay, enter a monthly payment plan or request non collectible status. Think about things like equity in assets, ability to borrow or refinance and an affordable monthly payment. Determining how to pay past tax debt focuses on your current financial situation and you are the best person to determine your ability to pay.
Having tax debt can weigh on you, but being prepared and knowing what you are dealing with can help you find tax relief without alot of stress. My workshops can help you. Whether you decide to deal with it yourself or hire a representative, being involved and understanding the process will help you to find an option you can afford. Call me with any questions or to sign up for a workshop.