How you decide to handle your tax debt is critical in achieving a comfortable and an advantageous resolution. The more you know about the available payment plans, IRS penalties and interest, and tax law, the easier it will be for you to make the right choice.
Familiarizing yourself with the various IRS payment plans is an important part of the resolution. You may need to rely on an installment plan if you can’t pay your tax debt in one lump sum. The IRS has several payment plans, including the Installment Agreement and the Offer in Compromise.
It’s important to check the qualifications for any payment plan. The IRS may charge a penalty for applying for an agreement that you clearly do not qualify for. Choosing the most appropriate plan can be one of the most important aspects in pursuing tax debt resolution.
If you have a have a substantial liability, you should consider using a resolution service or a tax professional. A tax service will help in exploring other available methods that can save them time, money and effort. Selecting the right tax professional comes down to finding someone who is competent and an honest.