fbpx

Tax Debt Strategies

Tax Debt Strategies

Dealing with IRS tax debts can be a stressful problem. But you can resolve your tax debts using the following steps.

Double check your original tax returns. If you overlooked some deductions, it will be worthwhile to amend your tax return so you can lower the amount you owe.
Choose the tax debt plan that best suits your current financial situation.And there’s five strategies for getting out of debt:

1- Installment Agreement

A monthly payment plan for paying off the IRS.

2- Partial payment installment agreement

A fairly new debt management program where you have a long term payment plan to pay off the IRS at a reduced dollar amount.

3-Offer in compromise

A program where you can settle your tax debts for less than what you owe. Requires a  short term payment plan to pay off the IRS at a reduced dollar amount.

4-Not Currently Collectible 

A program where the IRS voluntarily agrees not to collect on the tax debt for a year.

5-Filling bankruptcy

Discharge your tax debts under the strict rules of a chapter 7 or 13 bankruptcy petition.

Filing late tax returns and amended returns

If you haven’t filed your taxes, you are generally in a more advantageous position. That’s because you can still take every tax deduction you are legally entitled to in order to reduce your tax liability.

If you’ve already filed taxes, your will need to get a quickly review to be able to determine if your taxes are accurate and if you were entitled to deductions you overlooked.  Amended returns requires a substantial amount of paperwork and reprocessing. Amended returns must be thoroughly accurate with lots of supporting documentation, or else you risk an IRS audit. Generally speaking, you’ll will need to retrieve a complete set of documentation from the IRS and compare that information to the tax documents you already have.

Important

A tax professional needs to be a Certified Public Account. Those are the most qualified professionals to practice before the Internal Revenue Service.

Fulton Abraham Sanchez, CPA, founder of FAS CPA & Consultants of Miami, FL, is a Certified Public Accountant specializing in Tax Planning . You can email him to fa@fascpaconsultants.com or contact us on Facebook : FAS CPA & Consultants

Request a Confidential Consultation

FAS CPA & Consultants

9000 SW 137 AV Suite 224 Miami, FL 33186 T: 786-462-7899 E: support@fascpaconsultants.com

Your Name (required)

Your Email (required)

Subject

Your Message

Fulton Abraham Sanchez, CPA

Fulton Abraham Sánchez, CPA is a Certified Public Accountant, specialized In Tax Planning, International Business, Wealth Management and Offshore Banking. You can email him to fa@fascpaconsultants.com or follow us on Facebook : FAS CPA & Consultants.

You may also like...

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

error: Content is protected !!