I get plenty of e-mails from folks that have been paying off their tax debt for years. They're at a breaking point, they just want the debt gone. While they are not common, there are
some solutions for getting rid of your long-lingering tax debt.Settle Your Tax Debt
If you've been paying your debt for years, you might be able to settle the amount you owe. It's not easy or even likely that you can settle your tax debt. This is not a tactic to try without knowing all the facts. If it works for you, it could mean drastically reducing your debt. If it doesn't, it could mean opening the doors to bank levies and wage garnishments.Give the IRS Good Reason to Settle
If you decide to attempt the settlement route, it's up to you to let the IRS know that you can't pay the debt in full before the statutes expire, and they could earn more money if they choose to settle now. Do You Qualify to Settle Tax Debt?
Remember that most people will not qualify to settle their tax debt. The IRS does an extensive investigation, and if you have the ability to pay the debt before the statutes expire, you're out of lucky. Don't let an old Tax Debt haunt you
If you feel like you qualify, apply for an Offer in Compromise using IRS Form 656 – Offer in Compromise. I earnestly advice you consult with a professional before making any moves to settle your tax debt.