1) Pay the IRS in Full
You may have the funds available to pay the IRS in full. If you do, I highly recommend it. If you've got the cash, face the music and pay up!
2) Use Your 401k
Do you have any investment accounts like a pension or 401k? You may need to make an early withdrawal to pay off your debt. Just make sure you pay the taxes on the withdrawn money or you'll owe the IRS all over again!
3) Sell Your Assets
You may have assets you can part with. If you have boats or multiple cars, you may need to sell them. Just understand that making a profit on the sales may contribute to future tax debt, as well.
4) Home or Property Equity
The housing market isn't the best these days, but if you can take out an equity loan or refinance, you might want to consider to take care of your tax debt. This will be next to impossible to do if you have a tax lien placed against you.
5) Asking Your Family
No one wants to owe their relatives. But, if you have wealthy kinfolk, you may want to consider asking for their help.
Taking it Slow: You don't have to repay the IRS fast. There are slower options that will help diminish the danger of IRS Liens and Levies. These options also do not require drastic changes to your lifestyle or risk giving you a future tax debt. If you feel overwhelmed deciding what's right for you, feel free to contact me for help.