Help with Taxes Owed
- Where to start
- Who to talk to
- When to reach out
Where - Owing taxes can be challenging, where do you start, what do you need and who do you talk to. Unfortunately the IRS and FTB do not offer any classes on how to manage tax debt, but Collection Alternatives does. My workshops provide you with the information you need to resolve the taxes owed. Even before attending my workshop, start out by calling to ask what years you owe for, the balance owed and if a lien has been filed.
Who - The first people to talk with should be the IRS/FTB, to get some basic information on what you owe. Whether you decide to talk with a representative, attend a workshop or handle it yourself, you will need to know what you are dealing with. Next, review the six options and rule out those that you are not interested in. Third, review your income, expenses and assets to help determine if you can pay. Finally, contact the IRS/FTB, to propose the option you feel best meets your current financial situation. Even if you decide to talk with a representative, you should be informed about these items, because the more involved you are with the process, the more satisfied you will be with the resolution.
When - Immediately, as soon as possible and now, that is when you should reach out for information and begin considering your options. A levy or lien can be issued at any time and it is easier to handle a tax debt when not under stress about a levy holding your funds. If you qualify for a streamline agreement, you can set up a monthly payment plan without a lien being filed, which can save your credit rating. Timing is everything, once a lien is filed it will not be released until the balance is paid and once a levy is issued, you must submit financial information before it will be released.
The list of items above are a starting point. I understand there is no one to go to for help with taxes owed, unless you can afford to speak with a representative. This is why I created these workshops, to help everyone understand the process and their options. Call me with any questions or to sign up for a workshop.