Reduce IRS Debt
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There are really only 5 ways to reduce IRS tax debt, but all of them begin with an accurate assessment of the problem.
As a rule of thumb, it is recommended that if your tax debt is less than $10,000, you can handle this one on one with the IRS.
If your debt is between $10K – $25K, you should consider hiring a tax professional, as you will want to ensure the accuracy of your past tax filings, and may need to make amendments.
If you owe more than $25K, then you should hire a professional, because it will be in your best interest for a successful negotiation.
Back to the 5 ways to reduce your debt – I will provide the 5 options, and will later discuss in more detail about each of these options.
- Installment Agreement
- Partial Payment Installment Agreement
- Offer in Compromise
- Not Currently Collectible
- Filing Bankruptcy
photo credit: Josh Thompson
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