page contents VERIFIED Seal flat fee tax relieftaxi fareflat fee tax relief
  • dave rosa

What Do You Do If You Owe A Tax Debt? | Flat Fee Tax Relief | Florida | United States

Updated: Jul 6

You have completed your income tax return. You sent your income tax return to the IRS without a check attached. You have done what you can to eliminate your income tax debt. But, you still owe money to the Internal Revenue Service (IRS) and you don’t have enough money to pay the IRS.


What are your tax relief options?

A lot of people who owe money to the IRS think they can file an extension and pay their taxes at a later date. MEMO TO YOU: your taxes are due April 15. An extension is only an extension of time to file your income tax return. It is not an extension of time to pay. An extension will stop the IRS from charging you a failure-to-file penalty, but your taxes are due by midnight April 15.

If you owe the IRS money, you are supposed to calculate the amount you owe and pay it with your extension. Fortunately, you have some options if you can’t pay the IRS in full. You could pay the IRS in installments by filling out Form 9465, which gives you up to 72 months to pay your taxes. However, when you file this form you are making a deal with the IRS and hurting yourself. The IRS has 10 years from the date that a tax is assessed to collect the money that is owed. This is known as the statute of limitations. If you ask to pay in installments, this adds two years to the statute of limitations. In addition, by using this option you are agreeing that when you file your next return, you will file on time, and pay any taxes that are due. If you don’t, it will nullify your installment arrangement, and the IRS will aggressively pursue the balance owed. Penalties and interest will be tacked onto the amount. Interest accrues daily, and the penalties are pretty high. Your past due income tax debt will double in approximately 4 years. If you owe the IRS a lot of money ($10,000 or more) and don’t have many assets, another option is to submit an Offer in Compromise settlement.

An Offer in Compromise means you pay dramaticlly less money than you owe in conjunction with the IRS compromising on the debt. For instance, if you owe $25,000 but have no assets and no ability to pay the full amount, you can offer the IRS a reduced amount. At the time of this writing, about 42% of all such settlement offers filed are accepted.



Keep in mind that in order to file an IRS Offer in Compromise, you have to give up a lot of personal information, including bank account numbers, retirement plan information, and information about all of your assets. The number one reason the IRS will reject an Offer in Compromise is due to paper-work errors. It really is worth having an experienced tax professional handle an Offer in Compromise submission. Filing an Offer in Compromise will extend the statute of limitations by the time that the offer was pending, plus 30 days. The IRS typically takes six to 12 months to investigate an offer of settlement. Unless you owe payroll taxes, nobody will put you in jail for not paying income taxes. However, owing the Internal Revenue Service (IRS) is not pretty. The penalties are steep, and the interest is compounded daily. Like getting a loan from your local loan-shark, owing money to the IRS means you have to pay up. The IRS won’t forget about the tax debt.

96% of Our Clients have Received a Successful Offer in Compromise Settlement

Are You Eligible To Settle With The IRS?

CALL: 1-866-747-7435

https://www.flatfeetaxrelief.net

https://www.flatfeetaxservice.net https://www.flatfeetaxrelief.business.site

https://www.facebook.com/thebestirshelp


FLAT FEE TAX RELIEF -FLAT FEE TAX SERVICE:

Guided by our Christian Values. That is why we do not have Client Complaints.

Accredited by the Better Business Bureau. A Plus Rating.

Experienced IRS Tax Attorneys work directly with you.

IRS Wage Levies routinely stopped and released in 1 day.

96% of our Clients have received successful IRS Settlements.

Very Affordable Fees. Fees can be stretched out over 10 to 36 months.

Our Clients Get Positive Results.

#incometax #affordableofferincompromise #PAYINCOMETAX #affordableirssettlement #IRSINCOMETAX #INCOMETAXSETTLEMENT #INCOMETAXHELP #irshelp

IRS Tax Relief Programs

 Flat Fee Tax Relief - 1-866-747-7435

Clearwater, FL - San Diego, CA

Coast to Coast

Very Affordable Tax Debt Help

IRS Tax Relief Programs