Tax Debt Strategies
Dealing with IRS tax debts can be a stressful problem. But you can resolve your tax debts using the following steps.
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.
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.
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 firstname.lastname@example.org or contact us on Facebook : FAS CPA & Consultants
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