IRS notices are making their rounds. Use these Top 5 valuable survival techniques to buy some time and stay above water when you owe the IRS!
1. Do You Really Owe:
Even the IRS makes mistakes. Go over all the information in your notice and make sure the IRS has their facts straight. They usually do, but it's always worth the effort.
2. Do something!
No matter what notice the IRS sends in the mail, you've got a tight deadline to get to work. Do not ignore your tax debt! No matter how you've gotten the debt, it's there and you need to do something about it before the IRS issues a levy or a lien.
3. Look for Funds:
If you can collect enough funds to pay off your tax debt, then you should do that. It will save you money in penalties and interest in the long run.
4. Choose a Payment Plan:
Unfortunately, many people who owe the IRS simply don't have a way to pay the whole thing off. There are many kinds of Installment Agreement payment plans out there. Make sure that you find the right one for your situation...and your wallet.
5. Don't wait for the IRS to contact you!
Because of the size of the IRS everything moves slowly, at first. When I was an IRS Hitman some people wouldn't get notification of their debt for up to a year. Believe me, when you get the first notice in the mail the IRS has already targeted you, your bank accounts, and sometimes, even your assets. Don't delay if you want to protect your money and your life!
Buy Time with the IRS:
Once you contact a professional to resolve your debt, the clock stops. The IRS will not issue a lien or a levy as long as you or a licensed professional is actively negotiating a payment arrangement with the IRS. This buys time and keeps your bank account or paycheck from being levied!