Question: The New Year is here, and that means a new tax year. And, boy, am I in trouble! Problem is, I don’t know quite how deep my tax troubles go. I’m pretty sure I owe far more in back taxes than I can pay — but I haven’t wanted to deal with it. What can I do? Is it too late?
Answer: I’m very sorry to hear about your tax problems, but you should take this as comfort: You are not alone. In fact, there are tens of thousands of people who have been in the same position you are, and many of these people found solutions to their tax problems. For them, it was not too late. And it isn’t too late for you.
That you are asking these questions suggests to me that you are ready to deal with your tax problems. And that’s good. Your first step — and you should do this as soon as possible — is to consult a qualified tax professional. You may discover, with the help of your tax professional, that your tax problems are not as bad as you think they are.
Whether those tax troubles are minor or severe, your tax professional will help you navigate the best path toward resolution and compliance. The first thing he or she will do is analyze your returns closely to determine exactly how much money you owe the IRS.
When you know what you owe, you and your tax professional will then consult directly with IRS agents. One of your options may be an Offer in Compromise, which is a program available to consumers who are unable to pay off their tax debt, even over time. With this program, taxpayers can reduce their debt by a significant amount, coming up with a settlement offer that will eliminate the tax debt once and for all.
At Tax Resolution Services, we solve tax problems such as yours every day. We are IRS problem solvers. For a free, no-risk consultation, please call our office at (888) 699-7630.
More Tax Help, IRS News and Tax Relief Tips:
- Pay Off Tax Debt with Offer in Compromise or Installment Agreement?
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- Offer in Compromise Program or an IRS Payment Plan? Get Your Tax Debt Questions Answered Here!
- Got Back Taxes? The IRS Payment Plan or Installment Agreement Can Help
- IRS Question: Offer in Compromise or Installment Agreement, Which is Right for Me?