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IRS Debt Reduction Help Washington DC

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.

Joseph Bonaccorsy
2011 Crystal Dr.
Arlington, VA
Company
Title: Financial Advisor
Company: Core Advisory, LLC
Type
Registered Investor: Yes
Education
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience
Years Experience: 15
Service
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu

Data Provided by:
Barbara J. OLeary (RFC®), CEP
(703) 370-7666
101 South Whiting Street Suite 203
Alexandria, VA
Qualifications
Years of Experience: 18
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans

Data Provided by:
B. Frank Doe (RFC®), CFP, MBA
(703) 272-7177
10560 Main Street, Suite 316
Fairfax, VA
Company
Frank & Darby Doe
Qualifications
Education: MBA
Years of Experience: 33
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities

Data Provided by:
Multistate Tax Commission
(202) 624-8699
444 N Capitol St NW Ste 425
Washington, DC

Data Provided by:
Atab Tax Service
(202) 829-2822
536 Columbia Rd Nw
Washington, DC
 
Charles Stough
1940 Duke St, Suite 200
Alexandria, VA
Company
Title: LPL Wealth Planner
Company: WealthPath LLC
Type
Investment Advisor Rep: Yes
Education
University of Oklahoma/MHR
University of Florida/BA
Years Experience
Years Experience: 7
Service
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni

Data Provided by:
Mr. Vijay K. Khetarpal (RFC®), CFP, CHFC, CLU
(703) 356-4888
8607 Westwood Center Dr #300
Vienna, VA
Company
Integrity Financial Group, LLC
Qualifications
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Martin J. Beeson (RFC®), CEP, CSA
(866) 388-0110
2135 Defense Hwy Ste 6
Crofton, MD
Company
The Planning Companies
Qualifications
Years of Experience: 19
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

Data Provided by:
Ari Group Llc
(202) 723-5059
1731 7th St Nw
Washington, DC

Data Provided by:
Express Tax Svc
(202) 332-0400
1541 7th St NW
Washington, DC

Data Provided by:
Data Provided by:

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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