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IRS Debt Reduction Help Casper WY

If you owe back taxes and the IRS isn't going to go away, what can you do in this situation? You need to reduce the IRS debt, which means looking at IRS settlements. Keep on reading for details.

Liberty Tax Service
(866) 871-1040
944 E 2nd St
Casper, WY

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H&R Block
(307) 532-5413
2109 MAIN ST
TORRINGTON, WY

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Liberty Tax Service
(866) 871-1040
324 E Washington Ave
Riverton, WY

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Liberty Tax Service
(866) 871-1040
2205 E Pershing Blvd
Cheyenne, WY

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Liberty Tax Service
(866) 871-1040
1001 S Douglas Hwy # 240
Gillette, WY

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Liberty Tax Service
(866) 871-1040
944 E 2nd St
Casper, WY

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H&R Block
(307) 362-6101
1461 DEWAR dr
ROCK SPRINGS, WY

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H&R Block
(307) 877-5789
1100 PINE AveSTE 113
KEMMERER, WY

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H&R Block
(307) 684-5125
510 W LOTT ST STE A
BUFFALO, WY

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H&R Block
(307) 635-3657
800 S GREELEY hwy STE E
CHEYENNE, WY

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IRS Debt Reduction Help

Reduce IRS Debt - IRS Settlements

Okay, you've faced up to the fact you owe back taxes and the IRS isn't going to go away. You need to reduce the IRS debt, which means looking at IRS settlements.

First off, you need to be careful with IRS settlements. The IRS will have a different view of your situation depending upon what it is. Let's take a look at some scenarios.

You've filed all of your tax returns, but simply don't have the money to pay the amount due. This is a simple situation. You can contact the IRS and ask for a payment plan. They will almost always be happy to oblige. You're one less headache and they really don't care as long as you are in the system. There is only one problem with this approach. IRS payment plans are like credit card payments. If you pay the monthly amount due, it is going to take forever because most of the payment goes to interest. A payment plan should be viewed as buying you time. Try to pay off the debt as soon as possible.

Let's assume you haven't filed a tax return for the previous year and haven't paid any tax. Should you contact the IRS to settle? It's an "iffy" proposition. You are going to have to file a tax return for the previous year and the IRS may or may not give it a close review. If you barely made any money for the time in question, you are probably alright. If you made a bunch, but didn't file, you need to get a tax professional to protect you. The IRS understands people can have budget problems. They don't understand taxpayers who are flush, but just don't pay.

Now let's assume you have filed a tax return or paid taxes for four or five years. Do NOT call the IRS on your own to settle. The IRS could take a very aggressive attitude and try to get you to incriminate yourself. Again, do not talk to the agency. Instead, you need to find a tax professional that has experience handling such situations. This can be a CPA or an attorney. Let them layout your options, the risks and a recommended course of action...

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