Dealing with tax debts with IRS is stressful to say the least (state taxes tend to be less stressful). If you owe back taxes, the worst thing you can do is to hastily file tax returns and worry about tax reductions as an after-thought. Taxation is in itself a complicated process that can't be handled by the average taxpayer who happens to owe a lot in back taxes.
Here are some tips on getting out of tax debts.
1. Decide if you can handle the process yourself or you need a tax professional to help you out. Be honest in your assessment. If you owe the IRS less than $10,000, then it's better to do it yourself. If you owe from $10,000 to $25,000, consider hiring a tax professional. If you owe over $25,000, you should definitely work one-on-one with a tax professional who is experienced and qualified.
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2. Always double check your original tax returns. You might have overlooked certain deductions. Also, make sure your original tax returns are accurate,
3. Choose the tax repayment plan that you can afford. Currently, there are only five options for taxpayers to get out of IRS tax debt:
* Installment agreement or repaying the IRS in monthly installments
* Partial payment installment agreement or paying the IRS through a long term payment plan at a reduced dollar amount
* Offer in compromise or settling your tax debts for less than the amount you owe. It requires making a lump sum or paying the IRS for the short-term to pay off your debt at a reduced dollar amount
* Not currently collectible. This is a program where the IRS voluntary doesn't collect any money from you for one year or so.
* Filing for bankruptcy or discharging your tax debts under a Chapter 7 or 13 bankruptcy petition.
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