If you don’t have money to pay to the federal income taxes that you owe, you have three options:
Get an installment agreement, in which you will pay the full tax liability, but over an agreed-upon period of time. In this way your financial burden will minimize, and you will be allowed to stretch the money you owe to a longer time.
File for Offer in compromise (OIC), in this you pay less than the full amount you owe. It is important that you give a genuine reason to the IRS, only then IRS will accept your OIC request.
Professionals at Tax Help MD have the skills to make a OIC request on your behalf and get it accepted by the IRS. They file your case in such a way that the chances of getting OIC accepted increase.
Declare your tax liability as currently non-collectible. This happens when you are in a really bad position financially i.e. your income is less than your expenses.
What you choose to do depend on you’re:
- Financial situation
- Amount of money you owe
- how much time remains on the statute of limitations for your tax liability
Applying for an offer in compromise is a complex process that requires you to figure out your budget based on IRS rules for how much you should be spending on particular items in your area of the country. First you have to qualify for an offer, and then you have to negotiate how much you will pay, based on your income and allowed expenses.
My Tax Help MD is one of the best platforms where you can get all kinds of IRS tax help and settlement services. Having a team of professional tax consultants, we provide diverse IRS tax debt resolution service. We can help you in file delinquent tax returns, audit representation, tax lien, payroll issues, and plenty of other tax concerns.