Tax trouble can come from mistakes, omissions or any other number of directions. How the tax problems arise is not as important as finding the tax help necessary to deal with any tax debt that comes from those problems. You can choose to work through tax debt on your own or you can find a tax professional that can provide you the tax help you need.
Getting through IRS Tax Debt
- Get a loan - if you have to owe someone you may feel better owing a bank (or even a family member). Using your equity in your home or even taking out a loan against a car or boat may provide you with the means to settle a tax debt without delay. Interest on an equity loan may actually be tax deductible on the next year's return.
- Get an extension - the IRS will provide extensions to taxpayers that can range from 30 days to 120 days. It will depend on your reasons for requesting an extension but you can put off your tax debt until you are in a better financial place to pay that tax debt.
- Get a payment delay - under special circumstance the IRS will delay the payment of tax debt. The situation must be extreme but even penalties can be waved if a delay is granted.
- Get some tax help – the tax professionals deal with the IRS on a regular basis. Let their knowledge work for your situation. Contact a tax lawyer or financial advisor that can help you work through your IRS tax debt.
The sooner you begin the process of dealing with your IRS tax debt then the easier the process will be. Putting off a tax debt is only going to serve to increase that debt through penalties and interest. Face your IRS tax debt and use these tips to get the tax help that you need.