Many people struggle with tax debt. Dealing with the IRS may seem daunting, especially if you have had trouble with them in the past. If you fail to pay your tax returns then debt can build up extremely quickly, leaving you wondering how you can ever recover. If you owe less than $10,000 then you can likely handle your debts on your own, but if you owe more than this you may need serious help from a tax professional or lawyer. If you have yet to file your taxes you can still make all the deductions you are entitled to if you are not late, you just have to file back taxes. If you have filed a tax return that was wrong you are risking being audited by the IRS.
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If you have accumulated tax debt there are solutions available to you. The IRS allows you to either make monthly payments, partial payments, a compromise payment, a deferred collection or the final option, filing for bankruptcy. Many people do not want to think about the last option because it makes them feel like they have reached the bottom. This may be a valid option for many people and should be considered with the help of a legal professional. If you wish to discharge your debt via this route, you have to meet a qualification standard. You must evaluate your situation and determine if: you filed at least 2 years ago, the due date was at least 3 years ago, you did not attempt to evade your taxes, the return was not fraudulent or your case was assessed 240 days minimum before you filed for bankruptcy.
All of this seems overwhelming if you are doing it on your own, which is why many people choose to hire professional help. The IRS is not something that can be avoided, but that does not mean that it has to be intimidating. People are also encouraged to pay their taxes even if they cannot pay the full amount. Even partial payment shows responsibility on behalf of an individual and will also lower the amount of interest you have to pay back on your debts later on. It should be comforting to know that there are options for you if you are struggling to pay your taxes. You may qualify for an extension so that you can pay at a later date when you can actually afford it. You may also be able to obtain a loan in order to pay, but this can be risky since you are already in debt to begin with. Overall, when there are so many options out there to resolve your tax debt there is no need to stress.
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