The below post is a guest post from Ryan over at Debt Consolidation Care . I am always open to guest posts, so feel free to contact me regarding what I am looking for. Thanks!
In case you have not made the on-time tax payments and quite a lot of time have lapsed in between you are supposed to be in tax debt. But, if you fail to pay the taxes there can be some serious consequences that you may have to face. So, if you are in tax debt, you will have to try out every option that can actually help you pay down the tax debts. There are various tax debt relief options that can help you become debt free and thus stress free too. If you fail to pay off the IRS tax debt, the assets that you have may also get seized by the IRS.
Tax debt ? The different relief options
There are various kinds of tax debt relief options that can help you pay off your tax debts. These debt relief plans have been designed based on your affordability or keeping in mind the financial situations that the debtors do face. There are mainly two debt relief options through which you may be able to pay off the tax debts. These are the:
- Tax debt settlement options and
- Installment agreement options
These two have again different branches or rather options that help you pay off the debts. You can choose one depending on your financial problem and tax debt situation.
The options that you can have under the tax debt settlement option are the likes of:
- Compromise offer
- Penalty reprieve
- Taking professional help
- IRS tax bankruptcy
The different options that you can take advantage of under the installment agreement options are:
- Streamlined installment agreement ? In case of the streamlined installment agreement, you are not required to fill out any form like that of the Form 433-F; which in general the IRS requires so that they can analyze the financial situation you are in. However, so that you can pay back the IRS tax debt through a streamlined installment agreement, the amount which you owe is not supposed to be more than 25,000 USD. In addition, it is also required of you to make an agreement that can help you pay off debts owed within 60-months.
- Guaranteed installment agreement ? It is quite a suitable tax debt solution option if you owe less than 10,000 USD in tax debt to the IRS. However, in order to qualify for this payment option, you will be required to agree that you are going to file and also pay the taxes within the right time in the coming tax years. Again, if you already have had another installment agreement in the last 5 years, the IRS may not allow it.
- Partial payment installment agreement ? This is considered to be a suitable tax debt relief option if you don?t even have the ability to make the minimum payments under any of the other installment agreements. In this agreement, you are required to make the monthly payment based on your affordability.
So, here are some of the options discussed with regards to the different tax debt relief options that you can benefit from.
About the Author : Ryan is a contributory writer associated with the Debt Consolidation Care Community and has written several articles for various financial websites. He holds his expertise in the Debt industry and has made significant contribution through his various articles.
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