You’ve made the first step. The hardest part in overcoming tax debt is coming to the realization that you want to finally eradicate that debt. Considering the amount you owe and your annual income, I realize that this tax problem can seem insurmountable. But trust me: It isn’t.

What you need to do is find a qualified tax professional. He or she will analyze your previous tax return with a fine-tooth comb to get to the exact amount you owe. Why do this? Because there is no reason you should volunteer to pay the IRS even a penny more than you owe.

Once you and your qualified tax professional have determined the exact amount of your debt, you will meet with the IRS. While you will have many options available, the two most popular options for taxpayers in your situation are the Offer in Compromise program and the Installment Agreement.

The Offer in Compromise program is for taxpayers who no longer have the financial wherewithal to satisfy their debt, no matter how many expenses they cut or assets they sell. If you qualify for this program, your tax professional will negotiate a settlement that often can amount to pennies on the dollar!

The other option is the Installment Agreement. Together with your tax professional and the IRS, you will negotiate a payment schedule that will allow you to satisfy your debt without significantly crimping your quality of life.

More Tax Help, IRS News and Tax Relief Tips:

1. IRS Tax Help From Tax Expert: What Individuals and Businesses Need to Know to Avoid Tax Problems
2. Offer in Compromise: How to Get the Tax Help You Need Through an IRS Offer in Compromise
3. Nation’s Leading Tax Resolution Firm Saves Taxpayer Over $5 Million with IRS Offer in Compromise
4. Ask the Tax Resolution Expert: The IRS Offer in Compromise or Installment Agreement Programs May Be Your Tax Debt Solution
5. Tax Help For Offer in Compromise Applicants: New IRS Changes to Processing

Tags: back tax, Back Taxes, i need tax help, Installment Agreement, IRS debt, Offer in Compromise, oic, seeking help, tax expert, tax help, tax relief, tax resolution

This entry was posted on Wednesday, January 10th, 2007 at 8:24 pm and is filed under IRS Installment Agreements, IRS Question Corner, IRS Times and Inquirer, Offers in Compromise, Seeking Professional Tax Help. 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.