Freedom Debt Management » reduce irs debt http://www.freedomdebtmanagementhelp.com Solutions for Debt Management Sat, 01 May 2010 07:00:00 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Reduce IRS Debt http://www.freedomdebtmanagementhelp.com/irs-debt-settlement/reduce-irs-debt/ http://www.freedomdebtmanagementhelp.com/irs-debt-settlement/reduce-irs-debt/#comments Wed, 13 May 2009 17:32:32 +0000 Freedom Debt Management http://www.freedomdebtmanagementhelp.com/?p=78 This post via the Freedom Debt Management blog, an educational resource to help you gain control of your debt management and finances.

Reduce IRS Debt

]]> 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

Form 1098
Creative Commons License photo credit: Josh Thompson

This post via the Freedom Debt Management blog, an educational resource to help you gain control of your debt management and finances.

Reduce IRS Debt

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