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  • Tax Resolution Professionals

    Taxes that couldn’t be paid:
    A staggering tax bill is indeed quite problematic and can not be ignored as it adds up to extra interest money on the individual. Some individuals often avoid filing taxes as they think they cannot afford the payable cash. A few others file their tax returns on time but cannot pay back the due amount. There are certain measures that one can take to avoid such situations:

    • One can pen down to the IRS and ask them to reduce fees and penalties if they cannot pay back the money they owe due to struggles, such as getting fired from the job or illness. This will reduce the IRS tax debt and remove late payments almost 25 percent of the total due amount.

    • When an individual owes an amount that is less than 25000 dollars and is not eligible to have money to pay it back, they are allotted a time of three years. IRS will grant them an installment agreement. One can then request for installment agreement for tax debt by filing IRS form 9465.

    • A short-term extension is requested if individuals can pay back their taxes within 120 days.

    • Upcoming refunds get added to the debt when one cannot pay back their IRS tax debt.

    • It is always advisable to consider the interest rate when one is interested in paying back your tax debt using a credit card.

    • Withdrawing money from your retirement accounts to settle IRS tax debt is never recommended. When one withdraws it before a certain age, they will owe tax and penalties, which reduces the amount to be withdrawn.

    The above mentioned offers a guideline when one faces difficulty paying a tax owed to IRS. A tax resolution firm can assist one in negotiating with IRS on your behalf and can assist in alleviating one’s fear and anxiety.

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