Stumbling into tax debt with the IRS is easier than ever before. The tax code is complex, and creates pitfalls even the most intelligent among us fall into when preparing our taxes. It is not uncommon to not even realize that you have IRS tax debt until the IRS gets around to informing you. Click Here For IRS Tax Debt!
You may first find out you have IRS tax debt when you don't receive your tax return years later. If the IRS determines you owe them money from a previous tax year, it is perfectly legal for the IRS to keep any refund it owes you for the current year. Since many families are counting on their tax returns to pay bills or go on vacation, failure to get money back can be a blow, and it may not end there. If your current refund doesn't cover your tax debt, more problems arise.
Settling Your IRS Tax Debt for Less
Interest and penalties can quickly snowball your small tax debt into large tax debt. It is not uncommon for IRS tax debt to become so large that you could never realistically pay it all back. However, in those cases, you may be able to settle your debt with the IRS for a smaller amount. This is done by filing an offer in compromise, which is a request to base your debt on what you are able to pay.
While the IRS will tell you that you can file an offer in compromise yourself, doing so often leads to frustration. At Tax Tiger, we have settled nearly 70 cases recently for at least 90 percent off the original debt amount! We know how the IRS operates, and can use that knowledge to your advantage. To find out more about Tax Tiger, you can schedule a free consultation today!
