There are many reasons people fall behind on their tax debt: they’re too busy to file, they have gone through a life-altering event (divorce, death in the family) that caused them to miss deadlines, they didn’t have enough money to file, etc.
Tax debt can feel overwhelming and oppressive, and many people find it easiest to deal with it by running from it. The truth is, the longer you wait, the bigger the problem will become as interest and penalties continue to add up.
The best option is to face your tax debt head on, and fortunately, there are quite a few options for resolving it. Many people are surprised to find that they’re not in as much trouble as they think with the IRS and that the path to paying off their tax debts isn’t as painful as they had feared.
Below, you will find a chart with seven tax resolution options. Each option is compared and contrasted according to 15 different criteria (how to qualify, ease of submission, amount of financial disclosure required, etc.)
To get started with your tax resolution, familiarize yourself with these options and their pros and cons. Then, you may want to contact tax relief professionals to review your case and help you determine the best solution for your situation and apply for the needed relief. Though you may be new to tax resolution, these people are not. They know the ins and outs of IRS policies and practices and can help you get out of tax debt in the most advantageous way.
Read on to learn more about your tax resolution options and start on the path toward a life free of tax debt:
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