{"id":849,"date":"2019-11-12T17:43:27","date_gmt":"2019-11-12T17:43:27","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=849"},"modified":"2023-09-26T22:09:44","modified_gmt":"2023-09-26T22:09:44","slug":"getting-out-of-financial-debt-tips-to-provide-tax-relief","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/tax-debt-relief\/getting-out-of-financial-debt-tips-to-provide-tax-relief","title":{"rendered":"Getting Out Of Financial Debt: Tips To Provide Tax Debt Relief"},"content":{"rendered":"\n

Tax season is over, and that means you can breathe a sigh of relief, right? That’s not exactly the case if you’re one of the more than eight million Americans<\/a> who currently owe money in back taxes.<\/p>\n\n\n\n

Whether you’ve known for a while that you owe back taxes or you just found out that you owe more than you can afford to pay, you’re probably feeling a little stressed out.<\/p>\n\n\n\n

The good news, though, is that you do have options to get out of debt.<\/p>\n\n\n\n

Read on for some tax, financial, and debt relief advice that can help you get out of tax debt as soon as possible.<\/p>\n\n\n\n

Don’t Bury Your Head in the Sand<\/h2>\n\n\n\n

The first step to take when dealing with tax debt is to acknowledge that you’ve made a mistake<\/a> and that there’s an issue.<\/p>\n\n\n\n

Don’t bury your head in the sand and pretend you don’t owe money — the IRS definitely isn’t going to forget about it.<\/p>\n\n\n\n

The sooner you own up to the problem<\/a> and recognize that you have tax debt, the sooner you can start addressing and correcting things.<\/p>\n\n\n\n

Be Realistic<\/h2>\n\n\n\n

You might be wondering whether you qualify for IRS tax debt relief. You might, but it’s unlikely. It’s pretty rare for the IRS to forgive debts altogether.<\/p>\n\n\n\n

If you’ve lost your job recently or had another issue occur that is impacting your ability to pay your debts, you might qualify for forgiveness.<\/p>\n\n\n\n

If that’s not the case, though, you better come up with a plan to pay your bill.<\/p>\n\n\n\n

Know When to Hire a Professional<\/h2>\n\n\n\n

If you owe less than $10,000 to the IRS, it’s a good idea to try and figure out a way to pay the debt yourself.<\/p>\n\n\n\n

The IRS has a variety of payment options available (more on that in a minute) that will allow you to pay off your debt and avoid any serious consequences.<\/p>\n\n\n\n

If you owe more than $10,000, you may want to hire a tax attorney. A tax attorney<\/a> will be able to help you negotiate with the IRS.<\/p>\n\n\n\n

An attorney won’t eliminate the need for you to pay your debts, but they can negotiate and get you better payment terms. They might be able to negotiate down the amount of money that you owe, too.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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