How to Achieve Best Resolution of Tax Debt

Posted on May 23, 2022

How to Achieve Best Resolution of Tax Debt

There are various IRS tax debt payment plans taxpayers can use to achieve a successful tax debt resolution. Although some payment plans involve the full payment of tax debt, there are IRS plans that allow taxpayers to pay a partial amount or postpone the payment of tax debt.

Taxpayers need to calculate their financial strength, including income, assets, savings, and their ability to take out credit, before choosing to pay back taxes through an IRS debt payment plan.

Tax debt resolution plans have strict qualifying factors that must be met. The primary qualifying factor is that any taxpayer who applies for a debt payment plan must be current with all tax filing and payment requirements.

Effective tax debt resolution involves an early, smooth and advantageous resolution. It may involve the reduction or removal of penalties, a reduction of tax debt, or the postponement of tax debt. In case of a lien or levy, it becomes essential to hire legal help to remove a lien or levy and choose a debt payment plan to resolve the debt.

Taxpayers may use professional help to assist them in choosing and applying for the most appropriate tax debt resolution program. Tax attorneys and enrolled agents have the legal right to represent taxpayers before the IRS. As successful resolution is achieved through negotiation with the IRS, taxpayers should consider hiring a tax service or a tax professional for the best tax debt resolution.

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