It’s tax time and the April 15 deadline is making many individuals and small businesses anxious. In this challenging economy, many people will be unable to pay their full tax bill on time.

I was recently interviewed by Entrepreneur magazine on options for struggling taxpayers and I offered expert tax tips on how to make a deal with the IRS.

I always say the most important thing to do if you can’t pay your tax bill is tell the IRS right away. Your also need to continue filing tax forms on time. If all your tax returns are filed, you may be able to work out a payment plan or settle your tax debt in another way.

Plus, filing your tax return on time will save you a 25 percent late penalty.

It’s also important to know that in this current economic situation, more taxpayers are likely to qualify for tax help. The IRS has indicated that taxpayers who make a strong case (for example, changes in home equity) may be able to reduce the taxes owed through the Offer in Compromise program. In 2007, the IRS accepted just 12,000 offers of 46,000 submitted. But the IRS has announced that it will be making an effort to help distressed taxpayers, and it will be reviewing changes in home values in rejected offers to see whether sinking home values now qualify the applicant.

For more tax resolution strategies, read the full article here.

** If you are in trouble with the IRS, our specialized staff of attorneys, CPAs, EAs and tax professionals can help. Visit the Tax Resolution Services web site  for a free tax relief consultation or call us at 866-477-7762.

More Tax Help, IRS News and Tax Relief Tips:

1. Melt Your IRS Fears Away - Tax Help if You Can’t Afford to Pay Your 2008 Taxes
2. We’ve Expanded to Help More Taxpayers Resolve Their IRS Tax Problems!
3. IRS Announces Unprecedented Opportunity for Recession-Burdened Americans to Settle Outstanding Tax Debts
4. KLOS Tax Tip #44: Individuals Get a Tax Break - But Get Tax Help if You Owe Back Taxes!
5. How to Negotiate an IRS Installment Agreement and Set Up a Payment Plan for Your Tax Debt

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This entry was posted on Thursday, March 12th, 2009 at 3:57 pm and is filed under Tax news and tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.