The Pay It Fast Solution!
Do you have a boat, cars you are only using for leisure purposes, and vacation homes that you are willing to part ways with? Do you have an account with enough money that you don't need to pay your tax debt in full, that won't charge penalties for such a large or early withdrawal? If you are answering "yes" to these questions, congratulations on having the solution to your tax debt problems right in front of you! If you are answering "no" to these questions, then you need another solution.
All too often, I talk to people who want a quick tax debt solution or miracle. Unless you are willing to make dramatic changes to your lifestyle, you will not find a fast way to pay your entire tax debt. People are mostly interested in an Offer in Compromise, because they are constantly being told that their debt can be settled for "pennies on the dollar." This is simply not the case. Most requests for an Offer in Compromise are flat out rejected by the IRS. Those that are accepted usually aren't settled for the amount that taxpayers are truly hoping for, and now they have a limited amount of time to pay that amount in full.
Installment Agreements provide various routes to pay your tax debt. In fact, with a partial payment plan, you won't be required to pay your entire tax debt. A Penalty Abatement can actually do a lot to lower your tax debt. Innocent Spouse can work in some situations to remove some or all of a tax debt from your name. A reputable tax debt professional can explain the truth about these solutions and give you the options that will really work for you. With a little hard work and expert advice, you won't have to completely change your life to pay your tax debt.
Labels: Innocent Spouse, Installment Agreement, Penalty Abatement