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Tax Problem Help: Taking Back Your Peace of Mind

By: Tymon Hytem

Please Help, I’m in Debt to the IRS!  When you’re in debt to the IRS it seems like the whole world is closing in around you.  The debt seems impossible to ever pay off and the IRS hounds are biting at your heels.  There is tax problem help for you…..you just have to know what help is available and how to get it. 
 
What kind of miracles are there?  There are several programs that the IRS and private companies offer to give you tax debt relief for your tax problems, but they all have requirements that need to be met. Outlined below is a brief summary of types of tax debt relief offered by the IRS to taxpayers facing severe financial circumstances.
 
·  The Installment Agreement:  This is exactly what it sounds like.  It’s a monthly payment plan that you setup with the IRS to pay off your debt.  The “catch” is that the IRS determines what the payment amount will be per month, which can be more than you can reasonably afford. 
 
·  The Offer in Compromise:  When you hear a late night TV commercial talk about settling your tax debt for pennies on the dollar, this is what they’re talking about.  This is the most appealing of the IRS programs to get you tax problem help, but it is also the most difficult to get.  Only 2% of applicants for an Offer in Compromise even get approved. 
 
·  Currently Non Collectible:  If you’re completely destitute, or you are on a fixed income that covers only the most basic living expenses, you can qualify for this.  Since you have no money or assets the IRS can go after, they temporarily suspend collection activities.  The IRS does check up on you every year and if your financial situation changes, they will renew their collection efforts. 
 
·  Innocent Spouse:  Normally if you marry someone you also marry their tax debt.  However there are exceptions to this situation and you can get out of a tax debt created by your ex-spouse.  The tax debt has to be your ex-spouse’s and you can not have filed jointly.  Additionally, it is required that you did not know about the tax debt. The debt can be erased if you were abused.  If any of the criteria are met your tax debt can be completely erased. 
 
·  Penalty Abatement: When you get in debt to the IRS interest and penalties start adding on to your debt immediately.  In fact your debt will increase by about 25% each year.  If you’ve suffered a catastrophic event in your life, you may qualify to have the penalties removed from your tax debt.  This can reduce your debt by up to 30% and can be an effective tax debt relief program for many taxpayers.
 
A light at the end of the tunnel?   Being in debt to the IRS makes you feel overwhelmed and alone, but now you know there are possible solutions which offer tax problem help to distressed taxpayers.  These tax debt relief solutions can make a positive difference in your financial and personal life. Don’t lose hope until you explore all your options!

Article Source: http://www.gcyarticles.com

Liv Worthington has worked in the debt management field for many years. She takes pride in helping all of her clients find the right services when they need www.irs-tax-problem-help.com "> tax problem help . If you are suffering with an IRS debt, then you should be able to find www.irs-tax-debt-relief-solutions.com "> tax debt relief by seeking out tax reduction firms that specialize in helping taxpayers with delinquent tax debt.

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