It’s a fairly regular occurrence: Someone makes a great deal of income in a year and then ends up owing the IRS money. This may seem like a sticky wicket to deal with, but there is help available to ease the process.
Phoenix, AZ -- (SBWIRE) -- 03/01/2013 -- It is possible that paying off tax debt without help from a tax professional is the best way to pay the IRS. When one owes less than $10,000, there are ways to pay it easily. One can take out a loan to put toward the debt, or one can use his home equity. Borrowing against one’s IRA can also provide enough funds to eradicate tax debt.
Credit-yogi.com would like to share some thoughts that can help pay off tax debt, including:
- Do it alone
- Hire a tax professional
- Control costs
- Choose a Repayment Strategy
Go it Alone
Employ a CPA, EA, or Tax Attorney
Any person who can illustrate how to pay off tax debt must be a Certified Public Accountant, an Enrolled Agent, or a tax lawyer. These are the only licensed persons allowed to practice in front of the Internal Revenue Service. Check credentials before hiring any tax help. When the appropriate tax expert has been obtained, he can help a person understand the sometimes complex tax laws, among other things.
For More Information or to Send Request to Pay Off Tax Debt, Click Here
Control Fees, etc
If one has hired a tax professional, one wants to keep costs low. Find out what fees are charged for which processes. While one may need his help to pay off tax debt, one does not have to spend a great deal of money for it. The tax expert should be able to focus closely on interactions with the IRS and not on everyday data entry. Find out what forms, etc, can be obtained and filled out on one’s own to save some money.
Select a Repayment Plan
There are several ways to go about paying off tax debt. An installment agreement means that one agrees to pay a monthly amount until the debt is gone. The partial payment installment plan is relatively new, but means that one consents to a long-term payment schedule with a lower monthly amount. One can put forth an offer in compromise, which entails making a lump sum payment or a short term payment plan to pay the back-due taxes at a reduced amount. Another option is one that allows a person one year before he has to pay the IRS.
Credit-yogi.com is a highly respected consumer resource website located in Pitts field, Massachusetts . It has over 260,000 legal and financial experts backing it up, so questions can be addressed and answered quickly. The site never closes and is free. For an initial consultation, dial 866-964-9644.