Submitted by: Angelia Sampson
In most cases, if you owe IRS Back Taxes, it’s impossible to prevent an IRS Tax Levy and other IRS collection methods.You run the risk of harsh IRS methods when you owe Back Taxes to the Internal Revenue Service. It truly is a harsh truth, but it is true. With regards to ways to pay Internal Revenue Service Debt, there are several methods you can try. Facing the music and paying what the IRS is due is the only way to prevent a Tax Levy when you owe Back Taxes to the IRS.
Handling IRS Debt when You Owe Back IRS Taxes
You likely will never be capable of handle Back IRS Taxes for “Pennies on the Dollar” as promised by a lot of questionable promoters, but you can side-step IRS Levy problems when you pay up-to-date installments toward your Back IRS Taxes settlement. An IRS Offer in Compromise is just one way to resolve Back Taxes to the Internal Revenue Service.
It is not easy qualifying to resolve your Back Internal Revenue Service Taxes with an Offer in Compromise (OIC). One rule of thumb is to figure out if you are able to pay what you owe the IRS in full before the IRS’ statute of limitations to recoup your IRS Back Taxes expires. If you have no funds or assets to pay IRS Debt with, you may qualify.
IRS Installment Agreement for IRS Back Taxes: With an IRS Installment Agreement, you can pay your IRS Back Taxes via monthly payments. This is actually the most common method of paying IRS Debt.Internal Revenue Service Installment Plan for IRS Back Taxes: It is the most used method of paying Internal Revenue Service Debt. An Internal Revenue Service Installment Agreement allows you to pay your Back Taxes to the IRS by way of monthly payments.
Again, as long as timely payments are submitted, you can prevent a Tax Levy like an Internal Revenue Service Bank Levy or IRS Wage Garnishment. With an IRS Installment Agreement, the IRS will determine how much you pay toward your Back Internal Revenue Service Taxes based on your financial situation.
Internal Revenue Service Currently Non Collectible for Back Taxes to the IRS: If you are in a financial bind, the Internal Revenue Service will allow you a temporary reprieve from collection efforts, including an IRS Tax Levy, so you can get your economic situation back on track. IRS Currently Non Collectible (CNC) is not technically a way to Pay IRS Debt. Instead, this is a way to help individuals who owe Back IRS Taxes but can’t afford to Pay IRS Debt.
Pay Off Your Tax Debt Prior to The Internal Revenue Service Issues a Levy on You
Information and Facts Linked to the IRS Tax Levy: An IRS Tax Levy can strike whenever you owe Internal Revenue Service Back Taxes. The safest way to prevent an Internal Revenue Service Levy is to pay what you owe the IRS in a timely manner or to pay IRS Debt entirely. The two most common types of levies the Internal Revenue Service can place are a levy on your bank account and a levy on your wages. A levy on your bank lets the IRS claim all the money in your Bank Account, while a garnishment of your pay claims the funds right out of your wages!
Get Help to Pay Off IRS Tax Debt: If you need support choosing the best method to pay IRS debt , consider talking with a knowledgeable expert. It isn’t easy to prevent an IRS Tax Levy when you owe Back Taxes to the IRS. Be sure to set yourself up on the best IRS payment plan so you can pay IRS Debt and not be hit with a Tax Levy.
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