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When Looking for Relief This Tax Season, Consider Your Options for Tax Settlement

February 28, 2012 | Comments: 0 | Views: 161

Overdue tax liabilities can cause unwanted stress and anxiety during tax season. Pursuing tax settlement options can bring you relief and solve your financial problems.

Outstanding tax debt is not something that will go away on its own. Although it may be tempting for you to ignore your debts and hope for the best, an owed tax liability is something that you can't avoid. If you want to make this tax season as painless as possible, then you need to deal with any taxes you might owe from the past. One of the best ways to get the relief that you need is to pursue options for settling back taxes.

Installment Agreements

When dealing with IRS tax debt, one of your options may be to set up an IRS installment agreement. This agreement is a payment plan in which you make a promise to the IRS to pay your tax debts off in equal sums over an extended period of time. For the IRS to agree to an installment payment plan, you need to make an offer that is reasonable. If you ask for a payment plan that does not offer a fair sum every month, then you may be denied an IRS installment agreement. As such, you need to consider this settlement option very carefully before you attempt to set up a payment plan.

Offers in Compromise

Another option that you have for dealing with owed back taxes is making an offer in compromise. This compromise will allow you to pay off your tax debts for a sum less than what you owe. If you want your offer in compromise to be accepted by the IRS, then you'll need to make sure that it is reasonable and fair. It's sometimes difficult to secure offers in compromise, due to the strict rules that apply to this type of tax settlement agreement, so you may need professional guidance when preparing an offer in compromise to present to the IRS.

Seeking Professional Advice

Getting tax relief can sometimes be tricky, so you may wish to consider hiring a professional to help you with your needs. If you consult a qualified tax consultant and get tax help, you could find yourself in a much better position at the end of tax season. A tax professional can help you to deal with any back taxes that you might owe as well as help you find the best options for settlement. In addition, you may be able to get advice that will help you avoid any tax issues in the future. With tax help from a qualified tax advocate, you'll have a much better chance of qualifying for settlement options that are normally more difficult to acquire.

Penny Jones is a finance guru and an Internet marketing specialist for Prospect Genius, a leader in online local advertising.

Source: EzineArticles
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