7 Steps to Saying Goodbye to Your Tax Debt for Good

1. 7 Steps to Saying Goodbye to Your Tax Debt for Good For the majority of people, the tax debt is not something that occurred to them on purpose. It is mostly just a miscalculation of taxes that occurred at some point and not them trying to avoid paying what is due. Regardless of the reason, this money will still need to be paid back and often the new number will be attached to fees and other penalties that drive it up. Dealing with this kind of debt is a hassle and a headache for anyone involved. Dealing with this debt will provide a lot of paperwork, regardless of how you will deal with the tax. When you are stuck worrying about the taxes you owe, here are some of the steps you can take to say goodbye to this debt for good. 1. Own up that you owe on the debt. It can be easy to receive the notices you are given and then just brush it under the rug. Sometimes this is because you think there was a mistake and you do not owe it. Other times you just do not have the money and refuse to deal with it. With the advent of scammers, it is becoming more difficult to tell when a letter is legitimate. Pretending the debt is not there does not make it go away though. 2. Contact a professional. There are many tax professionals in your area who are going to be able to assist you in avoiding this debt to from the beginning. If you are already past this point and have a debt, they can give you resources and advice to properly manage that debt. It is best to have a professional on your side since tax debt can be a serious problem. 3. Get your papers and receipts in order. Even if they do not seem important at the time, grab them all when they deal with your taxes. The tax professional you have hired will be able to sort through them and tell you which are important. Preparing your paperwork ahead of time can make the process go faster when all the paperwork is in place. 4. Once the paperwork is together, make sure that you fill out a Form 656 also known as an Offer in Compromise form. You can get this from the IRS, and it allows you to apply for a partial payment. While only certain circumstances are going to qualify for this compromise, filling one out may reveal that you meet the criteria for one. Asking for a compromise can greatly reduce the amount of money that you owe the IRS, so it is worth your time to take a look. 5. Negotiating with the IRS will allow you to make lower payments as well. Negotiating is an option if you are not able to get the compromise, but you still owe more than you can pay in a lump sum. Often those who attempt to negotiate can reach a payment plan that makes it easier to give back what they owe. 6. When you set up a monthly payment plan to deal with the debt, it is going to cut into other aspects of your finances. Learn some ways to either increase your income or decrease your living expenses. Payment plans help you to pay off the debt plus will add a bit to your savings in case issue with taxes come up again. 7. Be consistent—no matter what the terms of your repayment were, make sure that you are paying what you agreed to each month. Never miss a payment or the IRS may be able to garnish wages or cause other issues. Soon, the tax debt will be gone, and you can use the money the way that you would like.

2. Call the lawyers at Gordon Law Group if you have dealing with a tax debt. The lawyers at Gordon Law Group and the experience necessary to help you find out if the debt is yours and will give you the representation to help when you need. CONTACT US (Open 7 Days for Calls) 180 N. LaSalle Street, Suite 3700 Chicago, IL 60603 Local: (312) 608-2772 Referral Link: https://www.chicagotaxlawyerfirm.com/tax-debt/